'Fast Money' Recap: Financial Sector Plagues Wall Street

The markets sank again on Monday as concerns about the financial sector deepened.

The Dow Jones Industrial Average lost 125.21, or 1.46%, to 8,473.97, while the S&P 500 lost 20.09, or 2.26, to 870.26. The Nasdaq fell 32.80, or 2.09%, to 1,538.79.

Jeff Macke said on CNBC's "Fast Money" show that it's time to pull back after seeing the financial stocks slip again, Aloca(AA Quote) taking a huge fourth-quarter loss and CSX(TEXT Quote) reporting a preliminary lower fourth-quarter profit.

Pete Najarian said the financials are especially troubling because it's difficult to figure out to how to gauge their earnings and how they are going to generate them. As for the plight of Citigroup (C Quote), he said Morgan Stanley (MS Quote) is essentially "stealing" Smith Barney, a $1.5 billion cash-flow business, from Citigroup for about $2.5 billion.

Guy Adami said the key for investors to get back into the market might come from the price of crude oil. He said that if the price action on crude, which fell again $3.24 today to $37.59 a barrel, takes place at $34.50 to $35 and closes up that day, that would be the signal to buy the S&P. And he said CSX is worth looking at if it gets push down to its 52-week lows.

Karen Finerman said the credit markets look like a "tale of two tapes." At one level, there are some companies that are able to get bond deals done at prices that "aren't that terrible," she said.

At the second level, there are commercial real estate companies and highly levered REITs that are not able to get deals done. She said that's a huge catalyst to short them because a lot of refinancings are coming up in the next 18 to 24 months that she doesn't think will be able to get done.