'Fast Money' Recap: Is the Market Heading Lower?

Weak economic news sent the markets downward Wednesday.

The Dow Jones Industrial Average fell 52.81, or 0.62%, to 8,422.04, while the S&P 500 was off 4.66, or 0.51%, to 903.47. The Nasdaq lost 6.70, or 0.39%, to 1,727.84.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the markets saw a 100-point rally fizzle as the financial stocks fell in the final hour.

Joe Terranova said today's trading session is what a "consolidating" market looks like, with declining volatility and energy names holding.

Pete Najarian said the commodities were soaring, with the ag names on fire and copper, steel and coal names looking very strong.

Guy Adami wasn't encouraged by today's market action and said the market is heading lower. Terranova picked up on Adami's comments, saying that market could head lower if the rug is pulled from the energy sector.

Pete Najarian said he was concerned about oil prices heading above $60 a barrel because that is when it starts hitting people's pockets and causing a decline in the personal savings rate, which had been around 8%. He said he would rather see oil at $50 to $60 a barrel.

Lee brought on Tim Seymour to talk more about the run-up in the commodities. Seymour said the numbers from the API and DOE show there are signs of demand for oil. He said the incidents of supply disruption also tell you that investors are back, and that gold and oil, two prominent trades last year, are starting to make a move.