'Fast Money' Recap: Warning Season

The stock market pulled back off record highs Wednesday after Wall Street analysts forecast negative earnings growth in the first quarter for the S&P 500. The team at CNBC's "Fast Money" did a post-mortem on the market.

Tim Seymour of Red Star Asset Management wasn't in bull mode Wednesday. Instead, he sold some steel and aluminum stocks because he is concerned about inflation and retail sales numbers. Jeff Macke maintains that the bears had nothing today and they couldn't break any of the heavily shorted stocks.

Bad news from Boeing(BA Quote) and Honeywell(HON Quote) helped the bears. The bad news for Boeing was the delayed delivery of the new 787 Dreamliners. Finerman wasn't surprised by the delay, and she isn't worried about it.

DaimlerChrysler(DAI Quote) was hit with bad news Wednesday. The United Auto Workers are striking at the car maker after the union failed to reach a tentative contract before a union-imposed deadline. Macke doesn't think the strike will impact the auto supply stocks. He favors Johnson Controls(JCI Quote) and American Axle(AXL Quote). Seymour recommends Magna(MGA Quote).

Me Worried?

Dennis Gartman of The Gartman Letter joined the crew to discuss his thoughts on the commodities markets ahead of Bernanke's speech on Friday. Gartman's perception is that the Federal Reserve isn't concerned about inflation and will continue to cut rates. He would be a buyer on weakness in gold and sell short the U.S. dollar. He would accomplish this via the streetTRACKS Gold Trust(GLD Quote).