'Fast Money' Recap: How Crude

Erin Burnett hosted CNBC's "Fast Money" Wednesday night. She started off the show by saying the story of the day was oil, which fell below $110 a barrel. Jeff Macke explained that oil isn't going to launch the market higher or provide a catalyst. Karen Finerman said the story of the day was commodities, or the continuation of the selling for the sector from yesterday. She thinks other commodity funds like Ospraie could fail due to redemptions.

The Chart of the Day was the S&P 500 trading channel. Burnett said if the chart breaks below 1265 it could fall back to the July lows. Guy Adami didn't agree, but he also doesn't think the market is going higher. Pete Najarian thinks the two catalysts in the market are oil and the credit crunch. He said bank stocks looked strong today and energy stocks are weak. Macke said commodities are breaking and it's time for investors to shorten up their grips.

The traders moved the discussion to crude oil. Adami said he wouldn't bet that crude goes much lower from here. He feels the next move is a run back to $115. Macke mentioned crude oil is way too hard right here.

Burnett brought up Alcoa(AA Quote), which was a big drag on the Dow today. Adami pointed out that Alcoa had a nice run in the first-half of the year. Macke said he likes Potash(POT Quote) because the stock is coming into support around the $150 area. He thinks you can get long around that level with a stop at $145. Adami agreed on POT and said the stock could be bottoming here.