'Fast Money' Recap: An Ugly Jobless Report

Najarian instead reiterated his preference for Ultra Financials ProShares(UYG Quote) as a smart way to play the financials as a group instead of picking specific companies.

Adami said he liked Freeport McMoRan(FCX Quote), which he believes will be profitable next year. "This is the time to buy it."

Najarian also liked Nucor(NUE Quote). "It was up today. You got to like it when it moves against bad news," he said.

Ratigan shifted the discussion to the impact of job loss on the markets and economy and asked Mike Darda, chief economist for MKM Partners, to comment on Friday's jobless report..

Darda said his firm's forecast is predicting a loss of 500,000 jobs in November, which would be "significantly worst" than the consensus expectations of a loss of 350,000.

For the fourth quarter, the economy is collapsing at a 4% to 5% annual rate. "We haven't seen anything like that since the early 1980s," he said.

Darda doesn't think the economy will bottom until the fall of 2009, at the earliest. "That means a few more months of a sloppy market," he said.

The economist said it's going to take some time for the imbalances to wind. In this adverse climate, he said, investors have to be defensive in their sector selection and what they do with their money.

Ratigan asked Zachary Karabell to comment on infrastructure spending under an Obama administration. Karabell said the proposed plan to spend $500 billion on infrastructure spending will lead to a wave of construction projects and the creation of 2.5 million jobs. All this spending, he said, will lead to increased consumer spending.