'Fast Money' Recap: Will It Get Worse?

January came to a gloomy close on Friday as the markets fell again on worsening economic data and nagging uncertainty about the government's bailout plans.

The Dow Jones Industrial Average dropped 148.14, or 1.82%, to 8,000.86, while the S&P 500 fell 19.26, or 2.28%, to 825.88. The Nasdaq lost 31.42, or 2.08%, to 1,476.42.

Dylan Ratigan, the moderator of CNBC's "Fast Money" TV show, said it was the worst January ever for the markets, which has lost 10% of its value so far this year.

Karen Finerman said it's difficult to extrapolate anything from January's poor showing because "things are moving too quickly."

Guy Adami added there's no clarity in the market because the government hasn't come up with a definitive plan to deal with bad assets.

Pete Najarian said it's going to be interesting in the coming months as an increasing number of companies opt not to offer guidance. Finerman said that may be a good thing because it shifts the focus from short-term profits and allows a company to make better use of its resources.

Finerman also reminded the panel that the volatility index is well down from the terrible panicky period in October and November. As a result, there is none of the panic, squeeze and redemptions that rocked the markets last fall, she said.

Ratigan asked Finerman to comment on commercial real estate earnings that come out next week. She said there's a lot of debt that is coming due, and she doesn't think a lot of it can be rolled over.