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'Fast Money' Recap: Gold No Safe Haven

Turning to Bank of America (BAC - Get Report), which was down 11% today, Paul Miller, an analyst with FBR Capital Markets, commented on a report that bank was in talks to sell its stake in a Chinese bank. He said it was a good step because it will free up $12 billion of capital.

He said investors are still trying to figure out what the bank's liabilities are and what its business model will look like after it has dealt with them. He said his favorite bank in the financial space is Wells Fargo (WFC - Get Report), which he said is going to report some "tremendous" numbers from its mortgage banking business.

For a technical perspective of the market's convulsive behavior, Carter Worth, a chartist with Oppenheimer & Co., said the violent market behavior is signaling a significant break in a upward trend in the markets since March 2009. He said the big question for investors now is to figure out whether the market is on a secular bear trend or a secular bull trend. "Where the dust settles is anyone's guess."

Herb Greenberg, CNBC senior stocks commentator, noted a wave of insider buying by corporate executives, who either are positioning or seeing value. He said the takeaway for investors is something along the lines that it's a buying opportunity if you think it's 2008 and it's not if you think it's 1974.

Is it safe to be in gold after it rose above $1,800 an ounce today? Rich Ilczyszyn, of Lind-Waldock, said that with gold up $100 in three days, investors are wrong in thinking of gold as a safe-haven play. He said it's run up too high, too fast, adding he would take a profit or maybe go short.

Gartman agreed, saying it's a disconcerting to see a cab driver buying gold. He said he's a lot less bullish on gold and talked about cutting his position in half. He agreed with Ilcyszcyn that the CME may step in and raise margins.

Turning to Cisco (CSCO), which was up 5.16% in afterhours trading on a strong-than-expected earnings report, Brian Marshall, of Gleacher & Co., who upgraded the stock today, said the company turned in a good report. He said investors will be looking ahead to analysts day in September to see what Cisco is going to say about reinvigorating its product portfolio.

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