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'Fast Money' Recap: November Outlook

NEW YORK ( TheStreet) -- The markets ended October on a sour note.

The Dow Jones Industrial Average slid 276.10, or 2.26%, to 11,955.01. The S&P 500 fell 31.79, or 2.47%, to 1253.30. The Nasdaq fell 52.74, or 1.93%, to 2684.41.

Melissa Lee, the moderator of CNBC's "Fast Money" TV show, said the S&P enjoyed its best monthly percentage gain in October, despite today's reversal.

Looking ahead, Joe Terranova said the "ultimate question" for investors is how long are they going to be in this market after a day like this. He said the market needs to hold at 1229.

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

Brian Kelly said the rally can continue if the Federal Open Market Committee provides some hints that the Fed will print money.

Karen Finerman disagreed, saying the market's future direction hinges not on QE3 but on the outcome of Europe's debt crisis, which is far from over.

Dan Nathan said investors should look for opportunities to get into stocks on pullbacks.

Chris Verrone, a director at Strategas Research Partners, said there should be a buying opportunity if the S&P pulls back to a base at 1190 to 1200. He particularly liked the stable chart action of stocks such as Nike (NKE - Get Report), Cisco (CSCO - Get Report) and PL Corp (PPL - Get Report).

Lee shifted to a major stock of the day: the filing for Chapter 11 bankruptcy by MF Global Holdings (MF).

David Greenberg, founder of Greenberg Capital, said a crisis of investor confidence did in the company. He said a lot of traders were frozen by the bankruptcy move. He said there may be some very large MF Global customers that will be vulnerable if clearinghouses don't want to take on the risk of dealing with them. He said that could have a impact on the market.

He said the CME Group (CME) and CFTC could have avoided the situation by taking action. He also said Interactive Brokers (CME) is in a good position to pick up some clients from MF Global.

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SYM TRADE IT LAST %CHG
APC $92.65 0.00%
AMZN $445.10 0.00%
CSCO $28.82 0.00%
DECK $75.06 0.00%
NKE $100.95 0.00%

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