'Fast Money' Recap: Waiting for Wal-Mart

The U.S. stock market closed Wednesday to the downside. The Dow lost 1.6%, while the S&P 500 and the Nasdaq both stumbled 1.8%.

On CNBC's "Fast Money" TV show, the traders discussed the Securities and Exchange Commission's press conference announcing it would require more disclosure from investment banks about their assets. Karen Finerman said she thought that the news from the SEC was an excuse for the market to sell off.

Macke agreed, saying that the financial stocks had run out of gas and were looking for an excuse to go down. Adami said that the S&P 500 had traded right around 1410, which has proved to be a resistance point.

Najarian had similar comments about the Financial Select Sector SPDR XLF, which reached $27, and then sold off. As Fannie Mae FNM and Freddie Mac FRE gave back yesterday's gains today, they took the rest of the group down with them, he said.

3 Stocks I Saw on TV

Finerman said she'd wait a day before getting back into the stock market. Adami said that he thought the market would be down for the rest of the week. He said that by Wednesday of next week the market would begin rallying. Macke agreed, urging viewers to let the market go down here. Buy dips, but don't get short, he said.

Cisco's Not So Bad

Cisco CSCO led tech stocks lower today. Adami said the traders had predicted that Cisco's first-quarter results would be fine and the conference call would be iffy, and both predictions were true. He said he thinks the stock is fine and recommended buying on a dip.