'Fast Money' Recap: An Ugly Jobless Report

The uncertain fate of the Big Three automakers and more distressing signs of a weakening economy weighed on Wall Street Thursday as stocks retreated after two days of gains.

The Dow Jones Industrial Average slumped 215.45, or 2.5%, to 8376.24, while the S&P 500 fell 25.52, or 2.9%, to 845.22. The Nasdaq was off 46.82, or 3.1%, to 1445.56.

The trading panel on CNBC's "Fast Money" TV show offered various reasons for the market's demise. Dylan Ratigan noted the 16% drop in shares of General Motors>(GM Quote) late in the session was a big factor.

Tim Seymour said the European economy looks worst than expected, where the central banks of England and Sweden cut rates.

Seymour also attributed the market drop to the forced selling of hedge funds.

With every asset shrinking in value, "maybe you should be in gold until opportunities" materialize next year, Ratigan said.

Guy Adami questioned that strategy, noting the price action on gold has drifted downward to the point where there's just half the number of speculators in the commodity now than there were when the price was $1,000.

Jeff Macke said his trading strategy these days is simply to "hide in cash" and "engage in opportunistic trades." Make "small and fast moves, take your gains and deal with the taxes," he said.

Ratigan asked Pete Najarian whether oil would be a good investment opportunity at $47. Of the big energy names, Najarian liked ConocoPhillips(COP Quote) the most because of its "multiple exposure through natural gas, oil and refineries." But he sounded a cautionary note, saying he didn't like any of the energy names in a situation there is a "flat bottom."