'Fast Money' Recap: Is Tech Fading?

NEW YORK (TheStreet) -- The markets sagged Monday on the eve of the Fed's meeting.

The Dow Jones Industrial Average fell 32.12, or 0.34%, to 9337.95, and the S&P 500 dropped 3.38, or 0.33%, to 1007.10. The Nasdaq lost 8.01, or 0.40%, to 1993.24.

Tim Seymour said on CNBC's "Fast Money" TV show said today's down move was slight, with the market action pretty evenly spaced out except for the pain in the mining space. "It's not a bad place to be picking stocks," he said.

Pete Najarian said there was a noticeable pause in the market without much conviction shown by investors.

For a breakout of stock from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Commenting on the problems in commercial real estate, Guy Adami said he would get short with a tight stop on Acuity Brands (AYI Quote), a company which makes lighting fixtures for commercial real estate. He said there's a big short interest in the stock, which has jumped from $24 to $32 and recently reported a lousy quarter.

Adami also had a dim view of tech going forward, as he referred to a chart showing a 50% retracement in the Nasdaq since its high in 2007. He said that move is a tell to get out of tech.

Adami said one reason for the decline in commodities today is that August is a time of year when many of the senior commodity traders are not around. He said that might account for some of the odd moves in the commodities and the exacerbated trade in the dollar.