'Fast Money' Recap: Dec. 29

Rising tensions in the Middle East and South East rattled the stock market on Monday.

The Dow Jones Industrial Average fell 31.62, or 0.37%, to 8483.93, and the S&P 500 lost 3.38, or 0.39%) to 869.42. The Nasdaq skidded 19.92, or 1.3%, to 1510.32.

Melissa Lee, the moderator of CNBC's "Mad Money" TV show, asked the trading panel if there were any trading opportunities in today's thinly traded market.

Joe Terranova said that there is so much uncertainty in the market that it's difficult to know whether to rely on fundamentals or technicals. He said a push to a durable rally technically has failed and there are no signs on the fundamental side to support either buying or selling.

Guy Adami liked the trading opportunities in Target(TGT), which he would go long, and Rohm & Haas(ROH).

Pete Najarian said he doesn't really expect anything to happen until 2009 when investors with trillions of dollars on the sidelines make a move back into the market.

Lee asked the panel to comment on Dow Chemical(DOW)'s shaky deal with Rohm & Haas after the Kuwait government pulled out of a deal to buy half of Dow's plastics unit, which would have been used to finance the Rohm deal.

Terranova said the falling out is "all about declining oil revenue in Kuwait." Jeff Macke said he didn't liked getting "slapped around by Kuwait" and wondered "where's the gratitude."

Lee asked the panel to comment on mall stocks in the wake of a 20% decline in retail traffic over the holiday season. Adami said he would short Acuity Brands(AYI), a maker of lightning fixtures for commercial buildings.