The high price of oil has certainly taken its toll on the stock market. But some companies and sectors are more sensitive than others.

For airlines and transports the cost of fuel is a huge cost of doing business. Retailers and automakers take a hit as shoppers spend more at the pump and less on everything else. And then there’s the casinos, car rental companies and hotels that find themselves scrambling for business as Americans forgo summer travel.

But now that oil seems to be moving lower we can’t help but wonder if it's safe to buy the crude casualties. After all, the traders always say the time to buy is when it hurts the most.

So we ask, is it time to embrace the pain?

I’d like to see a longer sell-off in crude, replies Jon Najarian and that makes Wednesday a crucial day. If oil continues to sell-off American Airlines could make a sharp turnaround. I also like Alon and the Nymex  if oil breaks $124.

I agree with my brother about American Airlines, adds Pete, but as a trade.

I prefer Target over the airlines, counters Karen Finerman. The move lower in oil is fairly modest, she explains, so it isn’t going to do that much for an airline but if gas prices drop a little people might shop more.

Wal-Mart is my play, says Jeff Macke. But I remain bullish oil.

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Trader disclosure: On July 8, 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 (WMT), (MSFT), (EMC), (ATVI), (DIS); Pete Najarian Owns (AAPL), (CHK), (TSO), (XLF); Pete Najarian Owns (ANR) And (ANR) Puts; Pete Najarian Owns (FNM) And (FNM) Puts; Pete Najarian Owns (RIMM) Calls, (SLB) Calls, (YHOO) Calls; Finerman Owns (GS); Finerman's Firm Owns (MO), (MSFT), (PM), (RAI), (SUN), (TSO), (VLO), (GE), (MRK), (PPH), (JNJ), (PFE); Finerman's Firm is Short (IYR), (IJR), (MDY), (SPY), (IWM); Finerman's Firm Owns (TGT) Calls; Finerman's Firm Is Long SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short (XME) And Owns (XME) Puts; Terranoa Owns (YHOO), (IYT), (LUV), (CME), (FCX), (BNI), (GOOG), (XLF), (INTC), (SU); Terranova Is Long Dollar Index Futures; Terranova is chief alternatives strategist at Phoenix Investment Partners; Phoenix Investment Partners Owns (POT), (ABT), (WM), (GOOG), (CME), (FCX), (AMZN), (MER), (FRE, (FNM), (JPM), (IGE), (DBC), (DBV), (RWX);Phoenix Investment Partnerse Is Long And Short (AA)

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