'Fast Money' Recap: Trouble Under the TARP

Dylan Ratigan hosted CNBC "Fast Money" show Wednesday night. He started the show with a discussion of the three major issues in the market right now: a lack of confidence, hedge funds and investors remaining on the sidelines, and the fundamentals of the economy continuing to deteriorate. He said that when you put all three together, you get a stock market that continues to sell off.

Pete Najarian pointed out that the financials are yet to participate in this market. He says "the volatility index fell too fast, and that's part of the issue right now." Karen Finerman told viewers she was stopped out of a long position in Google(GOOG Quote) after the stock broke below $300 per share. She says "Google is an interesting company, but I don't need to fight the tape."

Ratigan moved the conversation to breaking news that shares of Intel(INTC Quote) were halted in after-hours trading. The chip company said its fourth-quarter revenue will come at $9 billion, which is below Wall Street expectations. Jeff Macke said things continue to deteriorate and the fundamentals are disastrous. He says, "I can't be confident in this market, and I have never had more cash on hand."

Ratigan switched the discussion to the bank sector. He explained that Wells Fargo(WFC Quote), JPMorgan(JPM Quote), Morgan Stanley(MS Quote), Citigroup(C Quote), Goldman Sachs Group(GS Quote), Merrill Lynch(MS Quote) and Bank of America(BAC Quote) are all down significantly from the announcement of the TARP plan.

Najarian said "hats off" to Meredith Whitney, managing director at Oppenheimer, for saying that Citigroup could go into the single digits. He says "the one to keep an eye on is American Express(AXP Quote), which is seeing an amazing amount of put options activity."