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'Fast Money' Recap: Stay Put

Stocks in this article: TI NOK XOM OXY HOS DBA INTC

NEW YORK ( TheStreet) -- The markets fell again Wednesday on continuing worries over the economy.

The Dow Jones Industrial Average dropped 21.78, or 0.18%, to 12,048.94. The S&P 500 fell 5.38, or 0.42%, to 1279.56. The Nasdaq lost 26.18, or 0.97%, to 2675.38.

Joe Terranova said on CNBC's "Fast Money" TV show there was not much going on in the markets today. He said the small-caps led the markets lower and tech was "very weak." He said money was gravitating to the big balanced- sheet tech players like Apple (AAPL) and Google (GOOG). He said the best play might be inaction.

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

Stephen Weiss was disappointed in today's market action after thinking there might be a semblance of a rally.

Karen Finerman noted that the VIX started to pick up at the end of the day. She said the "puke-out day" might be coming.

Steve Grasso advised individual investors who were long, to stay long, and average down as the market declines. He said it's difficult at this point to pick up a bottom.

Terranova said the defensive plays continue to be health care, consumer staples and energy. He said investors will feel the bottom when stocks like McDonald's (MCD) and Pepsico (PEP) decline.

Terranova said the catalysts for the market might be economic growth and resilient earnings in July. Brian Kelly said the economy can get moving again if the Fed releases $1.5 trillion in excess reserves into the economy.

Others on the panel questioned whether the economy needs more liquidity after two rounds of quantitative easing.

Melissa Lee, the moderator of the show, said Texas Instruments (TI) was off 5%. CNBC reporter Jon Fortt attributed the slide to one factor: Nokia's (NOK) warning last week. "It's having a huge impact on TI."

Terranova said TI is trying to navigate away from the handset portion of its business. Brian Stutland said the stock might turn around at $5 to $6. Weiss said Nokia's woes brings into question Microsoft's (MSFT) decision to partner with Nokia.

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