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$105 Oil & Banks Slam Stocks

$105 OIL, BANKS SLAM STOCKS

The headline: Stocks Plunge Thursday, How Much Uglier Will It Get?

The Dow plunged Thursday as the market's worries about the slowing economy were intensified by concerns about the ailing credit market and a spike in home foreclosures, explains Melissa Lee who’s in for Dylan Ratigan.

It looks like last summer only worse, says Jeff Macke. I mean there’s no panic which typically signals a turn.

The S&P 500 and the NASDAQ both closed at 52-week lows, adds Pete Najarian. And oil is at $105. That’s the difference between this market and last summer.

If the VIX hits 30 I’m going to start to take off hedges, says Karen Finerman, and begin thinking about getting long.

We are nowhere near capitulation, says Guy Adami. But there are some buys in this market. I likes Burlington Northern , or Dupont.

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FINANCIALS NEAR 5-YEAR LOW

The headline: Bank Stocks Sink For 6th Day To Lowest Since May 2003 As Credit Fears Spread.

Credit worries moved front and center, Thursday after Thornburg Mortgage and a Carlyle Group bond fund disclosed troubles with investments backed by mortgages, explains Melissa Lee. Adding to Wall Street's angst was a report from the Mortgage Bankers Association that home foreclosures rose to record levels in the fourth quarter.

I see institutional investors buying puts in Fannie (FNM) and Freddie (FRE), explains Pete Najarian. They’re betting these stocks are going down.

I think we’re nearing a point where investors should get long. At some point it will be time to buy the Financials ETF .

Look at Ameriprise (AMP) adds Guy Adami. I like it as a boomer play.

Me too, adds Karen Finerman. I think it’s time to make a shopping list. At some point negative news won’t drag the market lower and that's the time to buy.

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OPTIONS ACTION: US BANCORP

The headline: Pete Seeing Put-Buying In U.S. Bancorp

Options action suggests to me this stock could go lower, says Pete Najarian.

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CRUDE CROSSES RECORD

The headline: $105: Crude Oil Closes Up 0.9% To $105.47, New Record.

Crude oil futures capped a choppy session decisively higher, closing above $105 a barrel for the first time as a languishing dollar drew buyers into the energy complex, explains Melissa Lee.

I like the United States Oil Fund , says Jeff Macke. I think oil is going to $110.

Look at Halliburton (HAL) Baker Hughes (BHI) and Schlumberger (SLB) adds Guy Adami. And in nat gas look at Apache.

But stay away from the refiners right now, Pete Najarian counsels. Long term I like Conoco Phillips (COP) and Exxon Mobil (XOM), but they’re not a quick trade. And in coal I like Bucyrus International (BUCY) and Arch Coal (ACI), he says .

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WAL-MART STANDS ALONE

The headline:Wal-Mart Only Dow Member to Gain After Strong February Sales.

The nation's retailers got a little reprieve in February, as consumers hesitantly returned to malls and stores after retrenching in recent months. Among the big winners were discounters like Wal-Mart whose results beat expectations, says Melissa Lee.

Find out how Karen Finerman recommends trading it.

> Read Retail Rebound?

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THAT'S NOT MY DEPARTMENT

The headline:Nordstrom, J.C. Penney, Department Store Stocks Plunge On Weak February Sales.

I think it would be dangerous to short Saks (SKS) at current levels, says Guy Adami, especially with takeover chatter.

I bought Children’s Place (PLCE) Thursday, reveals Karen Finerman, but as a long-term trade.

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APPLE INVADES OFFICE SPACE

The headline:Research In Motion Falls As Apple Updates iPhone To Work With Corporate Email.

Apple looks like a value stock to me, says Guy Adami, at current levels.

Keep an eye on a stock called InterDigital (IDCC), says Pete Najarian, they allow phones to draw down the internet. Also watch Nokia (NOK).

I said it yesterday, exclaims Jeff Macke, the iPhone is not a corporate device. It’s too difficult to use.

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SPRING IN OUR STEP?

The headline: March Typically Brings 2-Month Period Of Seasonal Strength Leading To Summer Swoon: Asbury Research

There could be something to this, says Pete Najarian.

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Trader disclosure: On Mar. 6, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC), (YHOO); Najarian Owns (AAPL), (BIIB), (C), (CSCO), (MS), (NOK), (MSFT); Najarian Owns (USB) Puts; Najarian Owns (YHOO) And (YHOO) Calls, (COP) Calls, (IDCC) Calls; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (AEO), (FNM), (GE), (DSW), (MSFT), (PLCE), (SKS), (VCLK), (WMT), (YHOO), (RAI); Finerman's Firm Is Short (IJR), (IYR), (IWM), (MDY), (SPY); Finerman's Firm Is Short (LEH) And Owns (LEH) Puts; GE Is The Parent Company Of CNBC; Charles Schwab Is A Sponsor Of "Fast Money"

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