Dylan Ratigan hosted CNBC's "Fast Money" show Friday night. He kicked off the show with a discussion of how the credit markets acted a little bit better today. Noted valued investor Karen Finerman explained that it's very hard to find values in a market like this, because valuations change within hours. She says "valuations we're seeing right now are extraordinary if you have a longer-term outlook."

Pete Najarian said, "The market made an amazing run higher even with volatility at new highs." He told viewers to look for some value plays even if you have to reduce the earnings yourself.

Ratigan brought up comments Warren Buffett made in his op-ed in the New York Times today. Buffett was quoted as saying "even in the Depression, stocks bottomed in the 1930s very early in that decade, even as the economy continued to deteriorate for years." Ratigan asked the traders if now is the time to buy assets.

Terranvoa said yes, and he likes names such as General Mills ( GIS), MasterCard ( MA), Potash ( POT) and National-Oilwell Varco ( NOV).

Karabell pointed out the action in Schlumberger ( SLB) today shows that investors are trading purely on "emotional news."

Najarian mentioned that Halliburton ( HAL), Nabors ( NBR) and Weatherford ( WFT) all report earnings next week. He says "an amazing amount of options traded on the United States Natural Gas Fund ( UNG)."

The "Chart of the Day" was the Baltic Exchange Dry Index, which has made a huge drop and is now down 63% on the year. Karabell says "This index isn't a good indicator of what's going on in a macro way."

Najarian said to take a look at Peabody Energy ( BTU) because its numbers were outstanding. He also likes Union Pacific ( UNP) at $55 per share and Burlington Northern Santa Fe ( BNI) at $75 per share.

Ratigan mentioned that Google ( GOOG) had a nice day after its earnings report, and Microsoft ( MSFT) and Yahoo! ( YHOO) report next week.

Najarian pointed out Google made a lot of money off their DoubleClick acquisition. Karabell says "even if the economy is contracting, a lot of companies will remove their ad spending from traditional outlets and move toward using Google online."

Buy U.S.A.

Steve Cortes, the founder of Veracruz LLC, joined the crew to discuss Warren Buffett's op-ed in The New York Times. Cortes said he agrees with Buffett's bullish outlook for U.S. stocks. He says "chaos brings tremendous pain, but it also brings tremendous opportunity." He pointed out that the U.S. has advantages right now that no other country in the world has.

Cortes says, "If we enact the right policy, this could be the greatest opportunity in American history to ensure that we remain the world's sole superpower economically and military, for decades and centuries to come."

He told viewers to avoid companies with too much international exposure like Manpower ( MAN). Instead, he said focus on energy stocks like Occidental Petroleum ( OXY) which has an attractive dividend yield and gets a majority of its revenue from the U.S. Cortes says "America should cut capital gains taxes and institute initiatives for massive immigration." Finerman agreed on the immigration stance.

Trader Radar

Honeywell International ( HON) was among the most actively traded stocks in the NYSE today.

Final Trade

Terranova picked Potash. Karabell recommended Schlumberger under $50 per share. Finerman went with WellPoint ( WLP). Najarian said buy MGM Mirage ( MGM).
This article was written by a staff member of TheStreet.com.