Which stocks are worth buying as Alcoa kicks off earnings season Monday?

Consumer staples

In consumer staples, the stock market reflects a great deal of pessimism, says Jon Najarian. Options investors are projecting a pretty harsh sell-off in those names because consumers have cut back so much.

Energy and Agriculture

On the flip side, there’s an increase in expectations for energy and ag stocks. Both those sectors have been ripping to the upside, but I recommend selling the rips and buying the dips, he counsels. It’s just a prudent way to play it.

You’ve come up with an exclusive earnings season trade just for Fast Money viewers. What is it?

Between 2002 and the present, he says, if you had shorted S&P between Alcoa and Wal-Mart earnings, and gone long in the "earnings off season" your cumulative return would be 61%.

Conversely, if you had bought at AA and sold at WMT over same timeframe, your cumulative loss would be 8%.

I don’t buy it, counters Karen Finerman. Most investors can’t play the market like that.

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Trader disclosure: On Apr .7, 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 (YHOO), (MSFT); Pete Najarian Owns (AAPL), (NOK), (YHOO), (NVS), (XLF); Pete Najarian Owns (AA) Calls, (CHK) Calls, (MSFT) Calls, (BHI) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (CROX); Finerman's Firm Owns (FLS), (MSFT), (YHOO); Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM)

Jon Najarian Owns (JOSB); Jon Najarian Owns (PGR)