'Fast Money' Recap: Alcoa Can't Wait

On today's episode of CNBC's "Fast Money" host Dylan Ratigan began by reflecting back on "the worst six months in years." He said "financials were terrible and commodities were good" and that overall the day had been "a wild ride."

The big news of the day was U.S. automakers, especially General Motors(GM Quote), which reported losses that were slightly less negative than expected. Ratigan said GM was "good for the market" after having a "blockbuster day." Karen Finerman called the auto giant "the unlikeliest of heroes." Guy Adami was not as optimistic, stating that he was "not ready to give the all-clear sign to GM." He did advise that "you can get long on them."

Moving on, the analysts discussed the performance of the S&P 50, especially in comparison with the Volatility Index. Tim Seymour noted that the S&P's close today was a positive after the index had a number of reversals on the day. Pete Najarian was not as positive, saying that "today was a mirage" and that the volatility index "needs to spike." He also felt the S&P "has plenty of room to break back down."

Najarian continued by saying the "oil and credit crunch has put us in a problem, and we have issues until they show strength again." Seymour agreed, further adding that "this is a global problem."

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Moving to technology stocks, Ratigan made note that Apple(AAPL Quote) was surging on the day. Najarian said that both Apple and Research In Motion(RIMM Quote) had "reached an area where people all wanted to own them." Noting that Apple had announced pricing options today, Najarian then said that "everyone likes that news about it" which helped the stock today.