'Fast Money' Recap: Behind the Selloff

NEW YORK (TheStreet) -- The market suffered a late selloff Wednesday that erased gains earlier in the trading session.

The Dow Jones Industrial Average lost 92.12, or 0.92%, to 10,041.48, while the S&P 500 dropped 6.85, or 0.62%, to 1,091.06. The Nasdaq fell 12.85, or 0.59%, to 2,163.47.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said eBay(EBAY Quote) was falling in afterhours trading by as much as 6% on a troublesome guidance.

Pete Najarian said the decline had something to not only with the outlook but also the high expectations for the stock going into earnings and the recent runup.

Guy Adami said he would wait for a pullback and buy the stock at $20.75.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Lee shifted the panel's attention to the late selloff. Joe Terranova said he'll be watching the action of the dollar overnight. He said there could be more downside to come if the selloff was due to concerns about fundamentals. If that were to happen, the dollar will rally, he said.

Another troublesome concern for the market was the price of oil which rose above $81 a barrel as a government report showed a drawdown on inventories. Pete Najarian said higher gas prices is something consumers can feel directly.

Terranova noted that oil did not drop during today's selloff and said that could be an troubling sign for tomorrow's market.