'Fast Money' Recap: Giving Some Credit

Dylan Ratigan hosted CNBC's "Fast Money" Wednesday night. He kicked off the show with a discussion of the wild day today in the stock market. He told viewers that the credit markets saw some willingness among participants to take on risk for a brief period of time. Ratigan explained that new desire for risk might have been spurred by the global rate cut, England's action to buy equity in some banks and because commercial paper is now being purchased by the Federal Reserve.

Jeff Macke explained that the rules continue to change, and that makes it impossible to be long. "The 'delta' on the rules makes it impossible to price assets relative to one another," he added.

Pete Najarian says the coordinated global rate cut wasn't easy to pull off, but the problem still remains that a lot of factors still haven't changed. Guy Adami said the government is setting up an environment where good banks will do better and bad banks will go by the wayside.

He pointed out that Burlington Northern Santa Fe(BNI Quote) was downgraded by Merrill Lynch but ended higher at the close of the day. Karen Finerman said the retail stocks are cheap. She mentioned that crude oil was down today but the Oil Service HOLDRs(OIH Quote) traded up.

Macke says the market continues to have a confidence issues. "It's more of a buyer's strike than anything else," he added. He said he's been short Toyota Motors(TM Quote) for ages and still believes the stock is going lower. Adami says that the numbers out of Target(TGT Quote) were awful. However, he said the stock seems to be making a big volume capitulation bottom.