NEW YORK (
) -- The markets turned violently to the downside Wednesday on French bank worries.
The Dow Jones Industrial Average
plunged 519.83, or 4.62%, to 10,719.94. The
fell 51.77, or 4.42%, to 1120.76. The
dropped 101.47, or 4.09%, to 2381.05.
Melissa Lee, the moderator of
's "Fast Money" TV show, said the S&P is 3 percent away from a bear market.
Tim Seymour warned investors to get out of the way of a market that feels futures driven and is not trading by the fundamentals. He said investors were hostage today of late-day moves by levered ETFs and futures.
Dennis Gartman agreed, saying investors should "hide" and "get to the sidelines." He said the market is so unpredictable and explosive it can go anywhere, noting the S&P at one point moved 20 handles in 20 to 30 minutes.
Gartman added that the swings were occurring in all the markets, not just equities.
For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Seymour said it's "scary" when you can make the case for the S&P both at 900 and 1275 at the end of this month.
Dan Nathan said options traders were scrambling to buy protection on a day when the VIX shot above 40.
Karen Finerman said she took out her buy list and bought some
(DIS - Get Report)
shares, even though it required her to chase it to $30.28. She said she was happy to own it, adding she was not spending her time trying to figure out the bottom of the market.
JJ Kinahan said the VIX has moved up more than 120% in three weeks and advised investors to trade a lot smaller. For example, instead of buying 200 shares of a company instead of a 1,000 shares, he said.
Lee said the financials took it on the chin, especially
(GS - Get Report)
which "fell off a cliff" in the last hour of trading. Seymour said it's amazing to see Goldman, which was down 8.82% today, at 10% discount to tangible book value.