'Fast Money' Recap: Dollar Turmoil

NEW YORK (TheStreet) -- The markets sank Monday as the dollar gained ground.

The Dow Jones Industrial Average fell 104.22, or 1.05%, to 9,867.96 while the S&P 500 dropped 12.66, or 1.17% to 1,066.94. The Nasdaq lost 12.62, or 0.59%, to 2,141.85.

Tim Seymour said on CNBC's "Fast Money" TV show that a stronger dollar is normally a bullish sign. But he said the market is afraid that a strengthening dollar will mean the Fed will be backtracking on the stimulus programs.

Guy Adami said the market looks "messy," adding a dollar rally will unwind the commodities trade.

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

3 Stocks I Saw on TV

Melissa Lee, the moderator of the show, pulled up a chart showing the S&P rolling over in mid-session just about when the dollar started to rally.

Joe Terranova said there were technical and fundamental reasons behind today's reversal. He said the S&P fell below 1,100 and fears that yields are going to rise.

Pete Najarian said today's "brutual" reversal was marked by a 10% increase today in the Vix and 20% from Friday's lows. He said the increased volatility was triggered by unusual circumstances, including the folding of more U.S.banks.

Lee said the financials were among worst hit stocks. Terranova said today's action in that sector clearly shows there's a divide between the investment banking model and consumer-oriented banks like the regionals, Citigroup(C Quote) and Bank of America(BAC Quote).