'Fast Money' Recap: Trimmed Hedges

Dylan Ratigan hosted CNBC's "Fast Money" show Wednesday night. He began the show with a discussion of the continued market selloff due to more hedge-fund redemptions. He joked that we will know the stock market has bottomed when they rename the show "Less Money."

Karen Finerman said the market seems a bit overdone to the downside. She pointed out that the global growth slowdown story has been out there for a while. Tim Seymour says "emerging markets might be back at the front burner driving things down." He said we're seeing massive liquidations in Brazil, South Africa and Russia. He explained that corporate debt markets around the world are a mess and we're having a "crisis of confidence."

Jeff Macke told viewers he had three trades on today. He was long McDonald's(MCD Quote) for an earnings play, long the dollar and double short the S&P 500. He said the latter two worked. Guy Adami says "the market will continue to trade in a range between 8200 and 9500." Seymour said the job of ratings agencies is to be the arbiter of credit, and they didn't do their job.

Ratigan brought up the controversial emails from the ratings agencies that were made public today. Macke says "the ratings agencies should be annihilated and taken out of business and allow a free-market adjustment." He said their testimony in Congress has raised the suggestion that nothing is what it seems out there.

Ratigan asked the traders if global markets are pricing things as if growth in those countries has gone away. Adami said he believes that oil will overshoot on the downside. He told viewers that something fundamentally good is going on when you look at the record earnings out of a railroad like Norfolk Southern(NSC Quote).