'Fast Money' Recap: A Big Correction

NEW YORK (TheStreet) -- The markets fell Monday on nagging worries about Europe's sovereign debt problems.

The Dow Jones Industrial Average fell 103.84, or 1,04%, to 9,908.39 while the S&P 500 lost 9.45, or 0.89%, to 1,056.74. The Nasdaq dropped 15.07, or 0.70%, to 2,126.05.

Pete Najarian said on CNBC's "Fast Money" TV show that today's drop followed a weekend with no real news and last Friday's rally, which he described as mostly short-covering. He said volatility was low in today's session.

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

Gary Kaminsky said money is not coming in from the sidelines into stocks and equity funds are seeing redemptions. He said a lot of investors are taking out money from the equity funds because they do not want to be caught in a position they were in 2008 when the markets plunged.

Guy Adami said the markets have been behaving badly since Intel's(INTC) earnings: "good news, bad price action." If Goldman Sachs(GS) falls below $148, "you're in full bear-market mode," he said.

Dennis Gartman, of the Gartman Letter, said "we're in for a lot more than a 10% correction." He said that the money isn't coming in from the sidelines and there's a "disconcerting" turndown in economic activity. He said almost everything is going to get hit hard except for restaurants and "things like Procter & Gamble(PG).

He had a dim view of copper recovering anytime soon. And he said he doesn't like to be bullish in gold, but he does favor being in gold in foreign currency terms such as the euro, sterling and Canadian dollar.