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Stocks finished flat Monday, the last day of the first half of 2008.

That concludes a 6 month period dominated by the credit crisis and the soaring cost of oil. The major indexes are all down by double digits since Jan. 1.

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WALL STREET WASHOUT

The chief executive of Bank of New York Mellon [BK  Loading...      ()   ] said on Monday he expected further losses from the banking sector and added that the U.S. housing market crisis could continue for some time.

Meanwhile after hours Morgan Stanley recommended investors buy Lehman Brothers[LEH  Loading...      ()   ]   shares, setting a price target of $31, after the beleaguered investment bank's stock fell nearly 11 percent on Monday, on rumors that it would be bought out well below its current price.

Lehman shares were up 4.1 percent at $20.62 in extended- hours trading after Morgan's initiation of Lehman shares at an "overweight" stock rating.

I can’t see why they get an overweight rating, says Pete Najarian. That doesn’t make a lot of sense.

I’m also skeptical, says Karen Finerman. Might it help Morgan if Lehman does a little better?

Also in the space, I noticed interesting option trading in Washington Mutual [WM  Loading...      ()   ], Najarian adds. Keep an eye on that. Also watch HSBC [HBC  Loading...      ()   ].

But don’t expect to see the financials turn until Freddie [FRE  Loading...      ()   ] and Fannie [FNM  Loading...      ()   ] turn.

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OIL RECORD ABOVE $143

The price of crude oil [US@CL.1  Loading...      ()   ] hit yet another record on the last day of a tumultuous first half, spurting past $143 a barrel before ending lower on demand fears and a resilient dollar.

I think investors should look at oil services stocks such as Haliburton [HAL  Loading...      ()   ] and Schlumberger [SLB  Loading...      ()   ], says Guy Adami. Yes they're getting a little rich but I still like them.

Or check out Diamond Offshore [DO  Loading...      ()   ], counsels Pete Najarian. This is the one to watch for deep sea drilling.

I like integrated oil for the second half, says Joe Terraniva. Look at Petrobras [PBR  Loading...      ()   ] and Chevron [CVX  Loading...      ()   ]. I think they’re going higher.

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THE END TO AG?

U.S. farmers braved the worst floods in 15 years to surprisingly plant the second largest corn crop in 62 years. The news sent corn prices tumbling to limit down. Damage to the crop, however, could remain uncertain for months.

I wouldn’t read too much into limit down, says Guy Adami. I think it could have been pension funds cashing out. I still believe in the ag story.

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HIDE OUT IN HEALTH CARE? 

Over the last 5 days the Health Care SPDR ETF [XLV  Loading...      ()   ] has been outperforming the broader stock market. Meanwhile both Pfizer [PFE  Loading...      ()   ] and Merck [MRK  Loading...      ()   ] closed higher on Monday.

It seems like a safe place to hide, says Karen Finerman, when there are few places to hide.

I don’t think it’s investors looking for safety, counters Pete Najarian. This is investors putting money to work. I think Merck and Teva[TEVA  Loading...      ()   ] both have great catalysts that could boost their bottom line and keep an eye on Elan and Wyeth.

I agree that these stories are real, adds Guy Adami. I like Celgene