'Fast Money' Recap: Bad News Pulls Down the Market.

The stock market was hit with turbulence on Thursday as news broke of the assassination of former Prime Minister Benazir Bhutto of Pakistan, more write-downs from the financials and a poor durable goods number. The Dow fell 192 points and the Nasdaq lost 47 points. The crew at CNBC's "Fast Money" looked for profitable trades and brought in guests to get a head start on 2008.

Guy Adami thinks the path of least resistance is lower for the stock market. Pete Najarian said it was a perfect storm for the bears on Thursday with the assassination, poor durable goods and oil trading back towards $100. He recommended lightening up on some of the highly valued solar stocks.

Karen Finerman mentioned the consumer confidence number came out and was stronger than expected. She was surprised that retail stocks didn't catch a bid off that strength. Adami highlighted strength in some consumer product names like Unilver(UL Quote), Procter & Gamble(PG Quote) and Altria(MO Quote).

(Take a look at this consumer portfolio on Stockpickr.com ProFunds Consumer Goods.)

Financial Write Downs

Brian Schaeffer, Van Der Moolen Capital Markets Managing Director, joined the "Fast Money" crew to discuss his take on the financials for 2008. Schaeffer is very worried with write-downs now up to $80 billion and predictions of $250 billion swirling around the street. He thinks the way to trade the write-down problem is to short the Financial Select Sector SPDR Fund(XLF Quote). Schaeffer also mentioned that Citigroup(C Quote) will trade down to $22-$25 and if you own the stock sell it.

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