'Fast Money' Recap: We're Not Done Sinking

On another tough Thursday for stocks in the U.S., continued concerns about the credit market continued to hold the major indices down. The Dow lost 1.8%, the S&P 500 dropped 2.2%, and the Nasdaq was off 2.3%

On CNBC's "Fast Money" TV show, Guy Adami said, "We're in a bear market. Rallies have to be sold." He pointed to the railroads as a bull market, saying that Burlington Northern Santa Fe (BNI Quote) is reaching attractive levels. He also said he likes DuPont (DD Quote) on a valuation basis.

Jeff Macke said that although the markets were back to last summer's low, there wasn't the same panic. Goldman Sachs (GS Quote) fell to $158, which is an attractive level, he said, but he would've liked to see more volatility.

Pete Najarian said that with Citigroup (C Quote) trading at book value and with the airlines, Carnival (CCL Quote) and the hotels clobbered, it's a tough market. He agreed that the volatility wasn't where it should be for a bottom. With oil at $105 and foreclosures and delinquencies causing problems, it's ugly, he said, but he said he doesn't see a bottom before commercial real estate loan data comes through.

Karen Finerman agreed that she'd like to see more volatility. She'd be happy if the VIX hit 30. If it does that, she said, she'll take hedges off the table and start getting longer.

Jeff Macke said the most bullish scenario would be a big ugly open on Monday followed by a rally. He urged viewers to be patient. Najarian agreed, adding that bottom-fishers in Goldman Sachs should wait through the weekend and take a look at the stock ahead of earnings.

With the financials at a five-year low and Bear Stearns taking down estimates on Washington Mutual (WM Quote) and others in the space, Najarian said that Fannie Mae (FNM Quote), Freddie Mac (FRE Quote) and Annaly (NLY Quote) all looked terrible today. He noted heavy put activity on the sector as well as for US Bancorp (USB Quote), shares of which have held up better thanks to Warren Buffett's investment in the company. He said to be careful with US Bancorp.

Macke suggested that investors make a list of names to buy into the selloff. He recommended buying panic in the Financial Select SPDR (XLF Quote) ETF.

Adami suggested looking at Ameriprise Financial (AMP Quote) as an asset-management play on the aging baby boomers. He said he likes the stock at these levels. Finerman agreed. She added that her hedge fund is almost out of its Lehman Brothers (LEH Quote) short position.