'Fast Money' Recap: A Breakout for Intel

NEW YORK (TheStreet) -- Data suggesting the jobs recovery may have slowed a bit in April spooked investors on Wednesday, prompting a broad selloff in the major U.S. equity indexes.

Some softness as first-quarter earnings season draws to a close didn't help matters. Commodities -- especially silver and oil -- also continued to decline, impacting a number of sectors.

The Dow Jones Industrial Average fell 85 points, or 0.7%, to settle at 12,723. The S&P 500 tumbled 9 points, or 0.7%, to 1347 and the Nasdaq Composite off by 13 points, or 0.5%, at 2828.

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

Melissa Lee, the moderator of CNBC's "Fast Money" show, again began Wednesday's show asking panel members about the move in silver. She specifically was looking for comment on news that Mexican billionaire Carlos Slim has been actively selling silver futures for weeks now.

Brian Kelly said the trade was just a "smart move" by Slim because he owns a silver mine and is looking to hedge production, as well as take profits.

Again reiterating an opinion expressed earlier this week, Guy Adami said the so-called "easy" silver trade is over now but added that he believes the metal can "grind higher" over the next six months.

Joe Terranova agreed that the easy money on the long side has been made already, that this trade is over. He advised investors to look at the 50-day moving average for silver, saying that "once it breaks there, you've got a point of reference." He sees a snap back to $50 from there.

Stephen Weiss of Short Hills Capital weighed in at that point, saying he's more concerned about selling by George Soros than Carlos Slim, and adding that he still doesn't believe it's clear what role speculators have played in the metal's run-up in 2011, even as the Chicago Mercantile Exchange repeatedly raises margin limits to trade silver futures.

For Brian Kelly, however, owning precious metals was still about real interest rates, rather the margin limit changes, and he was still more focused on when the Federal Reserve and other central banks will start trading.