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'Fast Money' Recap: Amazon Will Survive iPad 3

Stocks in this article: AMZN AAPL FXE PM LO

NEW YORK ( TheStreet) -- The markets plunged today in the biggest selloff of the year.

The Dow Jones Industrial Average fell 203.66, or 1.57%, to 12,759.15. The S&P 500 dropped 20.97, or 1.54%, to 1343.36. The Nasdaq fell 40.16, or 1.36%, to 2910.32.

Jon Najarian said on CNBC's "Fast Money" TV show the factors leading to today's selloff were similar to "birthing pains" ahead of some important events later in the week such as Apple's (AAPL) iPad3 announcement on Wednesday, the deal with Greece's creditors and Friday's jobs report. He said he has seen this market pattern before.

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

Karen Finerman wasn't surprised by the pullback. She said she didn't detect panic in the markets, adding she had her buying list out today for prospective picks.

Tim Seymour said investors need to exercise some caution in what he called a stockpicker's market. He said the expensive stocks are missing badly and the market is paying a lot of attention to macro events such as Friday's payroll number.

Seymour said he saw some buying opportunities in today's selloff in gold and Freeport McMoRan (FCX). Mike Khouw agreed, noting Consol Energy (CNX) as a good pick as metallurgical coal prices seem to be bottoming.

Abigail Doolittle, founder of Peak Theories Research, had a much more sobering technical view of the markets. She said the S&P has slipped back to the top of its two-year trading range and could decline further, with the first target being 1159 and the second target 1075.

She said she sees the same bearish patterns in the Russell 2000 and the Materials Select Sector SPDR (XLB).

She said Apple is heading up in near term but could run into problems if it reverses and falls below $500.

Melissa Lee, the moderator of the show, asked the trading panel to come up with low-beta picks that could ride out a bearish market and outperform the S&P. Insana chose Philip Morris International (PM), calling it recession-resistant. Tim chose Lorillard (LO), while Finerman picked CVS Caremark (CVS), Mattel (MAT) and Target (TGT).

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