'Fast Money' Recap: A Risky Market for Investors

Terranova said oil is not going to surge above $100 a barrel. Rather, he said, it's going to be one of tactical trading in which investors see a little bit of rally alternating with a little pullback.

Terranova said he didn't think the current Israeli incursion into Gaza as something investors should use as a reason to go long on oil. That's because the conflict is part of something that has been going on politically for three decades, he said.

On the other hand, he said there is a good fundamental reason to get behind natural gas as a result of Russia's quarrel with Ukraine over natural gas prices. "That's certainly a more tradable theme than oil," he said.

Ratigan asked the panel to comment on the dismal auto sales in December, with General Motors(GM Quote), showing a 31% drop and Chrysler a 53% drop. Terranova said people simply are not going to go out and make a "risky" purchase. Finerman said the auto stocks are headed lower because "the debt is telling you they're going under."

Ratigan then read a list of 2009 surprises from Byron Wien, of Pequot Capital Management. They include the S&P rising 30% to 1,200, gold heading up to $1,200, oil rising to $80 a barrel, a serious downward slide in the dollar and NY state threatening bankruptcy.

The forecasts drew skeptical comments from the panelists. Adami and Finerman had their doubts about gold heading up to $1,200, while Terranova questioned the slide in the greenback.