'Fast Money' Recap: What Will a Rising Dollar Do?

NEW YORK (TheStreet) -- U.S. equities traded mostly flat Wednesday. On CNBC's "Fast Money" TV show, the trading panel looked what effect a higher U.S. dollar could have on commodities. The dollar was lower Wednesday.

Brian Kelly, founder of Brian Kelly Capital, said the move lower was likely from investors who are beginning to think the European Central Bank may not announce any quantitative easing next week. Disappointed investors could send equities lower. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, said a strong U.S. dollar could hurt commodities. He pointed out that airline stocks have been doing well, with lower oil costs. He likes service, integrated energy and shale companies in the energy sector. Specifically, he likes Weatherford International (WFT) and Baker Hughes (BHI) . 

Jon Najarian, co-founder of optionmonster.com and trademonster.com, said he likes the energy sector too, and argued that a higher U.S. dollar won't necessarily "kill" commodities but will likely have a negative effect. 

Guy Adami, managing director of stockmonster.com, said Alcoa (AA) -- which he described as an "under the radar" commodity play -- seems likely to rally into the fall despite a rising dollar.

There are new rumors that Apple (AAPL) will unveil some sort of wearable device on Sept. 9. Jon Najarian said that traditionally these types of events tend to be a "sell the news" trade and he believes that to be the case again. 

Kelly said investors should wait for the event to occur, then wait for an intraday reversal in the stock. When that happen they can sell it, he said. Pete Najarian said selling shares of Apple ahead of the event may be premature, but selling the stock after the event seems reasonable. 

Adami said he's still in "take profits mode" on Apple. Garmin (GRMN) is attractive on the long side, he added. 

Jon Najarian said GT Advanced Technologies (GTAT) should do well if Apple is using its sapphire product for its iPhone screen. 

Adami said shares of Guess (GES) have been a "disaster since 2011" but the stock needs to hold $22.50. He argued that Williams-Sonoma (WSM) looks like a buy following the recent selloff. 

Pete Najarian agreed with Adami about WSM, saying he bought some of the stock in the after-hours near $66. Jon Najarian is also a buyer, hoping it declines to $65. 

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