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Crude oil held strong Thursday even as recession fears haunted investors. What's the trade?

Joe Terranova, Director of Trading at MBF Clearing Corp, joins the panel for this conversation. Following is a synopsis of his main points.

Heading into Memorial Day I recommend getting long the refiners, says Terranova. I think investors gave up on the gas crack, but I don’t understand why because on January 14thTesoro and Valero came out and said they were going to cut runs – in other words they’re not going to make as much of the product.

However, after Memorial Day, I think the play will be natural gas, right through Labor Day. Get long during the summer, he advises.

Then after Labor Day go back to oil for the Q4 market which is historically strong, he concludes.

Karen Finerman and Tim Seymour both agree refiners could be worth a look.

Check out Conoco Philips , Pete Najarian adds.

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Trader disclosure: On Jan 24, 2008, 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 ( C), (COP), (CSCO), (EBAY); Najarian Owns (AAPL) Options, (WM) Options, (YHOO) Options; Finerman Owns (GS), (HD), (MO), (MSFT); Finerman’s Firm Owns (HD), (MO), (SUN), (TSO),(VLO),(WMT), (YHOO),(SPG); Finerman is Short (FS); Finerman is long (FS) and long (FS) puts; Tim Seymour is Owns (AA), (DELL), (INTC), (MER), (MSFT); Tim Seymour’s firm owns (AAPL), (COP); Terranova Owns (VLO), (SJT), (NOV), (APA), (YHOO), (MON), (AAPL), (INTC), (FSLR), (ALJ), Crude Oil, Sugar