'Fast Money' Recap: Downdraft

The credit crisis' hit on Wednesday's stock market was the topic for the "Fast Money" crew on CNBC.

The S&P 500 saw its gains go away for the year, and the last five days in the stock market are the worst five days seen since 2003. Jeff Macke said traders should sell until they can sleep, while Guy Adami said there's no capitulation yet - and there's more downside to come.

According to Pete Najarian, the put options activity in Countrywide Financial(CFC Quote - Cramer on CFC - Stock Picks) was unbelievable with options makers adding a $5 strike put. Najarian said the bank stocks continue to roll over and he's also seeing tons of put buying on the Financial Select Sector SPDR(XLF Quote - Cramer on XLF - Stock Picks). Najarian is buying put spreads on Countrywide, which is a bearish play on the stock.

(RealMoney Take: Jim Cramer said recently, "It's ironic; Countrywide stabilized for precisely the opposite situation." To read more on what Cramer said, click here.)

Adami said not all is lost in the bank stocks and that Warren Buffett sees something in Bank of America(BAC Quote - Cramer on BAC - Stock Picks). Seymour bought some material stocks Wednesday, and he also likes CurrencyShares Canadian Dollar Trust(FXC Quote - Cramer on FXC - Stock Picks) as a play on less liquidity strengthening the dollar.

After hours, Amgen(AMGN Quote - Cramer on AMGN - Stock Picks) went up after the company fired 14% of its workforce. Najarian said the company is no longer "biotech, but is Amgen is Big Pharma. Najarian doesn't think the stock will do anything until late 2008. Deere(DE Quote - Cramer on DE - Stock Picks) reported a 23% rise in profit on Wednesday. Adami said earnings beats like Deere put up on Wednesday are being swept under the carpet in the current market.

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