'Fast Money' Recap: Value in the Wreckage

Dylan Ratigan hosted CNBC's "Fast Money" Friday night. He started the show with a discussion about the drop in the stock market following the passing of the bailout bill. He also mentioned the credit markets did nothing in response to the bailout bill news.

Joe Terranova said the credit market did nothing because we need to see a globally coordinated easing effort from all central banks. Guy Adami said to give the credit markets two to three weeks to respond. He says the hedge-fund liquidation is causing selling into every single rally. "Even hedge fund Greenlight Capital -- which shorted Lehman Brothers all the way down -- is losing money this year," he added. Tim Seymour said we will get $100 billion from "fund of fund" just in redemptions for the fourth quarter. "We're talking about 1% of global market cap that could come off going forward," he said.

Zach Karabell says emerging-market liquidity and credit isn't a problem. Seymour disagreed. He said things have seized up on the corporate credit level in emerging markets. "If you think it's scary in the U.S., well, things are scarier abroad," he added.

Karabell said he doesn't agree with the China slowdown story based on the exposure to the U.S. and Europe. "There is maybe 10% to 15% of exposure to China's economy to exports," he added. Terranova explained that hedge fund are massively exposed to emerging markets, and now they're moving out as redemptions hit.

Ratigan asked the traders which stocks right now are value plays. Adami said Freeport-McMoRan(FCX Quote) is now trading at five times forward earnings. He says FCX is setting up for a capitulation bottom. Terranova compared Freeport to Celgene(CELG Quote) and CME Group(CME Quote), which he says were thrown overboard earlier this week.