'Fast Money' Recap: A Risky Market for Investors

Wall Street's rally was short-lived as the markets returned to grim reality Monday.

The Dow Jones Industrial Average lost 81.80, or 0.9%, to 9,952.89, while the S&P 500 fell 4.35, or 0.50%, to 927.45. The Nasdaq driopped 4.18, or 0.30%, to 1,628.03.

Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, noted the markets fell for the first time in five days.

Still, Guy Adami was optimistic, saying the S&P looks technically fine. Karen Finerman said today's market is not much different from a week ago. She said the economy is deteriorating further, and she's worried about a "bad" jobless number on Friday.

Joe Terranova agreed, saying people are going to sit back and wait in this "cautious investing environment." "You've got to get some conviction beyond Friday that we can stay above 8,900."

Ratigan said there appears to be an "obsession with risk and unknown variables for months to come." That means there's a lot more reason for investors to sit back and take limited risk as opposed to trying to jump back in, he said.

Jeff Macke said that line of thinking leads you to a trader's market, in which investors will be taking gains in companies that they wouldn't be expecting moves in.

Ratigan asked Terranova for his thoughts on crude oil, which was up for the third consecutive day. Terranova said today's rise was tied to the fact that U.S. government saying it is going to purchase 12 million barrels of oil on the open market.

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