'Fast Money' Recap: Auto Woes Sink Markets

The markets plunged Monday as the government stepped in to revive the ailing auto industry.

The Dow Jones Industrial Average dropped 254.16, or 3.27%, to 7,522.02, while the S&P 500 lost 28.41, or 3.48%, to 787.53. The Nasdaq fell 43.40, or 2.81%, to 1,501.80.

CNBC's "Fast Money" TV show was a hot topic of conversation during the day with news that its popular host Dylan Ratigan had quit the show, with various news reports hinting he may be moving to another network. Stepping in to take his place is Melissa Lee.

Guy Adami said 800 was the bogey in today's session. "When the market traded through 800, it was the key to get out. I know it's hard to sell on days like today, but it was the right move," he said.

Adami said investors are in a "no-man's land," although he sees the S&P headed back to 741. He said it will tested there and if it holds, 900 is "still attainable."

Pete Najarian commented on the rise in the volatility index, saying it's not so much about fear as it is about uncertainty. No one is convinced of the rally or the sell-off, he said.

Lee asked Finerman to comment on a Goldman Sachs prediction that the S&P will be in the 700 to 800 range for the rest of the year. Finerman questioned how Goldman could make a prediction like that. She said the market was just looking for any excuse to go down after the big run.