'Fast Money' Recap: The Fallout From Crude

The markets ended mixed Monday as crude hit a six-week low.

The Dow Jones Industrial Average added 44.13, or 0.53%, to 8,324.87, while the S&P 500 rose 2.30, or 0.26%, to 898.72. The Nasdaq lost 9.12, or 0.51%, to 1,787.40.

With crude down 4% today to the lowest level in six weeks, Joe Terranova said on

CNBC's "Fast Money" TV show that it's been a "wild four or five days" in the oil markets. "It's been the liquidation of the reflation trade," he said.

He said he would go long on low-beta integrated trades like Petrobras(PBR Quote) and avoid oil futures and the high-beta names

Jon Najarian said crude's decline is good for the consumer and doesn't believe it will go much lower.

Despite the drop in oil, Tim Seymour said the market can rally without the commodity, as he emphasized today's encouraging numbers from the Institute for Supply Management. He said he sees real strength in the economy with oil at $65 a barrel.

Karen Finerman said oil is a proxy for economic health. Falling oil prices would mean less economic growth, higher unemployment and less consumer spending, she explained.

Guy Adami was pessimistic about a rebound in oil, saying the trend is lower.

Shifting the topic to the late turnaround in the market today, Melissa Lee, the moderator of the show, pointed out several defensive stocks helped turned things around, including General Mills(GIS Quote).