Fast Money

Monday - Friday, 5:00 - 6:00 PM ET
Fast Money

Oil Spikes 5% On Week


The headline: Crude Oil Soars 4.7% This Week To Close At $132.19.

Oilrose on Friday due to the weak U.S. dollar and ongoing long-term supply concerns. As oil goes up stocks seem to go down with both the Dow and broader stock market finishing in negative territory.

I think you’d have to be totally nuts to trade crude at this point, says strategic investor Dennis Gartman, author of the Gartman Letter. I'm playing it with airlines, he says and they'll work if crude begins to tumble. But make sure to put stops on and recognize that it's a trade. Also I’m long gold and grains as I have been for a while.

I’d be a buyer of crude on a dip, says Jeff Macke. And for those traders out there shorting oil (and you know who you are) I have to say that has to be the silliest trade I can think of.

The UltraShort Oil & Gas ProShares was up Friday, adds Guy Adami. Remember it’s inversely related to oil. Make of it what you will.



The headline: GM Tumbles After Saying Strikes Will Cost Automaker $2B Before Taxes.

General Motors stock dropped Friday after the company reported that strikes at some of its own plants and parts supplier American Axle will cost the automaker about $2 billion before taxes in the second quarter.

I don’t like GM stock, says Guy Adami. If you want to play the space go downstream to Borg Warner .

I’d take the other side of that trade, counters Tim Seymour, especially with the strength of American car companies overseas.



The headline: Airlines dropped 20% as Investors Wondered How The Airlines Will Survive In A $130 Oil Environment.

The only airlines that I think are working are those overseas, says Jon Najarian.



The headline: Wal-Mart, Retail Shares Hammered This Week As Energy Prices Soar To New Highs

The high cost of energy appears to be taking its toll on the consumer. This week investors hammered shares of Wal-Mart stock and other retailers over concerns that business will suffer until customers get used to how much it costs to fuel their cars.

I like Wal-Mart because it’s part of the solution. It provides one-stop shopping for people who don’t want to drive and shoppers seek out Wal-Mart for their low prices.



The headline: Concerns Mounting That Casinos Take Hit From Weak Consumer

The only casinos I’d even consider are those with Macau exposure, says Jon Najarian.

I think you can look at MGM , adds Guy Adami. It wouldn't surprise me if Kirk Kerkorian makes another run.

I’d stay away entirely, adds Jeff Macke.



The headline: Research In Motion, Google, Popular Tech Names End Week Sharply Lower.

Fears that both consumers and companies will tighten the belt further took down technology shares this week including Research In Motion and Google . 

I recommend Apple ahead of the new iPhone launch, says Jon Najarian.

I like Intel , but wait for a dip, adds Guy Adami.



The headline: Yahoo Sells Off After Hours

Yahoo sold off after hours after it recommended that shareholders reject a slate of directors proposed by billionaire investor Carl Icahn according to a preliminary proxy statement filed with the Securities and Exchange Commission late Friday. 

"We do not believe that election of the Icahn Entities' nominees to our board of directors is in the best interests of our stockholders," the proxy statement said.



The headline: Driving Falls In March For 1st Time Since 1979: Dept. Of Transportation

Word on the Street

In a sign that Americans are curbing their driving in the face of record-high gasoline prices, data released on Friday showed highway miles driven in March fell 4.3 percent from a year earlier, the first March decline since the last major oil shock in the late 1970s.

If you're having trouble viewing the video click here.

Got something to to say? Send us an e-mail at and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our website send those e-mails to .

Trader disclosure: On May 23, 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 (HAS), (MSFT), (INTC), (WMT); Jon Najarian Owns (AAPL), (AMR), (BHI), (BUD), (DELL), (FTO), (VLO), (OII), (CPX); Jon Najarian Is Short (LEH); Seymour Owns (AAPL), (F), (INTC), (MER), (MSFT), (TSO); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE)

Gartman Owns (FXE), (CEF), (SDS), (GLD), (BPT), (AGU), (DIS), (AAI), (QQQQ); Gartman Is Short (WFC), (WFMI), (BAC); CIBC Gartman Index Owns Copper, Aluminum, Sugar, Corn, Soybeans, Natural Gas; CIBC Gartman Index Is Long Hang Seng China Enterprises Index; CIBC Gartman Index Is Short Ten Year U.S. Treasuries; CIBC Gartman Index Is Short Crude