Question #1: Katherine from California wants to know if Downey Financial Corp (DSL) is a good investment or if it will suffer from the recent subprime slime?

Tim Strazzini likes that DSL has a strong balance sheet and engages in somewhat conservative lending practices. Consequently, he thinks the stock is still a good buy.

Question #2: Peg from New York wants to know if she should get out of Research In Motion (RIMM) and into Apple (AAPL) to profit from the upcoming release of the iPhone?

Guy Adami says own both! RIMM has great international potential, he says. And own AAPL until it trades 150 million shares over a 2 day period – he adds that’s the cue to sell.

Question #3: Mary Ann from California asks if she should remain long in mining company Silver Wheaton (SLW)?

Eric Bolling says he’s a long term precious metals bull, however the charts are turning down. Since she's up, he tells Mary Ann to take half off the table.

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Trader disclosure: On May 17, 2007, 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 (JWN); Strazzini Owns (GOOG), (JBLU), (IBM), (EDS), (WMT), (YHOO); Strazzini Is Short (GOOG) Bolling Owns Gold, Silver, Coffee, Sugar; Bolling Is Short S&P Futures; Bolling Is Short S&P Options