'Fast Money' Recap: A Panic Rally

Dylan Ratigan hosted CNBC "Fast Money" show Thursday night. He began the show with a discussion of the 10% intraday range in the Dow and the big move in crude oil. Pete Najarian said the trading range in the volatility index we saw today is normally seen in weeks. He says, "If you're in this market, you better have real time quotes."

Karen Finerman said there is just as much fear on the upside as there is on the downside, and it's just as irrational. Guy Adami told viewers we saw an old-fashioned capitulation market reversal today. He says "the rally will continue into tomorrow." Jeff Macke explained that this was a panic rally and there was no fundamental reason for the run. He says "Best Buy(BBY Quote) rallied 8%, and their Christmas is going to be unimaginably horrible."

The "Chart of the Day" was the S&P 500. Ratigan pointed out that the S&P 500 broke the old intraday low back from Oct. 10 and then rallied like a rocket and never looked back. Najarian mentioned that General Electric(GE Quote) saw its market cap swing up $21 billion in just an hour and a half.

Macke said he wasn't crazy about the quarter from Wal-Mart(WMT Quote), but it's as good as it's going to get for the retailers. He says "I am long Wal-Mart, but Nordstrom(JWN Quote) was no good today and Target(TGT Quote) is going to miss." Finerman said she wouldn't buy Wal-Mart, but she certainly wouldn't short it.

Ratigan moved the conversation to the energy sector. Finerman mentioned that energy names such as the Oil Service HOLDRs(OIH Quote) exploded higher today. Adam said we had capitulation selling in the energy complex. Macke pointed out that crude oil is down $90 a barrel in the last three months. He says "this was the other side of the mountain of a popped bubble."