This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

'Fast Money' Recap: Market Overreacts

NEW YORK ( TheStreet) -- The markets plunged Wednesday on disappointing economic data.

The Dow Jones Industrial Average dropped 178.84, or 1.48%, to 11,897.27. The S&P 500 fell 22.4, or 1.74%, to 1265.43. The Nasdaq slid 47.26, or 1.76%, to 2631.46.

Tim Seymour said on CNBC's "Fast Money" TV show that market overreacted to the eurozone debt situation and Greece, where the prime minister was desperately trying to deal with a crucial austerity bill amid violent protests.

Seymour said the markets are starting to see the VIX expand, making it a dangerous place to trade. He said it was surprising to see the markets respond so dramatically to today's events in Europe as if they were being heard for the first time.

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

Steve Grasso reminded the panel of an earlier bearish signal he made that the selloff would be coming when the S&P reached 1291.

Guy Adami said the market needs to hold at 1249.05, but he doesn't think it will and believes a selloff of a "larger magnitude is on the horizon."

With the VIX moving above 20, Karen Finerman sensed a feeling of panic in the market, replacing complacent selling during the first part of the month.

Seymour said it's not fair that stocks are being priced as if there were going to be a "complete implosion of the financial system."

Brian Kelly said the catalysts for today's selloff was the downgrade of the French banks with exposure to Greece's intractable debt problems.

Melissa Lee, the moderator of the show, noted that crude fell below $95 a barrel. Seymour said the decline had less to do with fundamentals and supply disruption and more to do with an inverse dollar trade.

Adami said the oil service names like Halliburton (HAL) look as though they are breaking down. Grasso said he was sticking with the refiners trade.

Looking ahead to July, Grasso noted that homebuilders and industrials have done well in July in the past four years. Seymour said the banking sector in Europe is in terrible shape because of the situation in Greece. Kelly said he would be looking to short Barclays (BCS).
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
KMP $102.03 1.98%
AKS $4.68 0.00%
BCS $10.05 0.00%
GLD $123.65 0.00%
JPM $63.20 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs