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The Word On Crude, A Surge in Steel And More...

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Note: Tim Seymour of Red Star Asset Management, or "The Ambassador," substitutes for Eric Bolling on this show.

Sweet, Sweet Crude:
The headline: Oil Plunges More Than 3% Today To $64.76 Spurring Market Rally

The word: Eric Bolling, calling in, says the drop in oil can be largely attributed to the fact that the cyclone in the Middle East didn’t disrupt the flow of oil in the Strait of Hormuz, as many people thought it would. Tim Seymour says the positive reverberations from the G8, with Europe and Russia seemingly closer to an energy deal, also played a role. Looking at this week’s sell-off, Eric recommends staying with names that didn’t go down when the rest of the market did. In this case, Google (GOOG), Apple (AAPL) and RIM (RIMM) seem to be unstoppable. “Stay with what’s working,” Guy Adami says. At this point, investors should just expect this kind of oil-related market volatility, Pete Najarian says. “This is the marketplace we’re in.”



Strong Plays For A Strong Dollar:
The headline: U.S. Dollar Hits 2-Month High Against Euro On Rising Treasury Yields

The word: Constance Hunter, president of Coronat Capital Management and friend of the show, joins the guys to give her take. In addition to the Euro, the Japanese yen is showing weakness against the dollar, she says. And as the yen gets weaker, the dollar gets stronger. Her two best plays on a weakening yen are Sony (SNE) and Toyota (TM) But Tim Seymour says this is a head fake. Sell the U.S. dollar and pick up some currencies in emerging markets, he says.

Mixed Shopping Bag:
The headline:Wal-Mart (WMT), Macy’s (M) Same-Store Sales Disappoint, While Sakes Results Send Shares Soaring

The word: Look at names that should have gone up yesterday – those that opened strong before the selling kicked in – and recovered today, Jeff Macke says. Stick with those that have the tailwind of fundamental performance – he likes Jos. A Banks (JOSB). The other option is to revisit stocks like Wal-Mart where not much is expected.



Feeling Chipper:
The headline: National Semiconductor (NSM) Shares Skyrocket On Earnings, buyback; Texas Instruments (TXN) Shares Climb Ahead Of Mid-Quarter Update Monday

The word: There’s a triple buy in NSM, Pete says: It beat earnings, it posted strong guidance and it has a share buyback. “That’s the trifecta and that’s why it’s up 14%.” Guy likes Nvidia (NVDA) on the chance it does a joint venture with Intel (INTC). The chips are part of a larger story, Tim says. There’s unprecedented growth happening in developing economies, and all global markets are linked. A rising tide could indeed lift all boats in this case.

Surge of Steel:
The headline:U.S. Steel (X) Shares Soar After Interfax Says ThyssenKrupp Is Interested In Takeover

The word: With U.S. Steel trading at such a high volume, take profits now, Guy says. Tim and Pete recommend looking at names like Ryerson (RYI) and Mechel (MTL) that have been lagging the market. They should catch up now.

Losing Luster:
The headline: Gold Plunges Nearly 4% This Week To $645.50

The word: Guy has never liked gold. If you’re going that route, stick with a miner like Freeport-McMoRan (FCX), he says. Buy Tim, who is bearish on the U.S. dollar, likes gold even on the dip.


Symbol
Price
 
Change
%Change
VOW3
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FCX
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GOOGL
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INTC
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JOSB
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M
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NATIONSTAR
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NVDA
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BB
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7203.T
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TXN
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WMT
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X
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Trader disclosure: On June 8 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Najarian Owns (AAPL), (BTU), (NFLX), (.VIX) Seymour Owns (AAPL), (EWZ), (GLD), (EWZ), (GLD), (VIP, (MTL), (X), (TWX, Gazprom,) Red Star Asset Management Owns (MBT), (MTL), Gazprom ,Lukoil,,Severstal; Red Star Asset Management Is Short (EEM); Red Star Asset Management Is Short (WBD); Coronat Capital Management Owns (SNE);Coronat Capital Management Owns (SNE)