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
TheStreet Open House

'Fast Money' Recap: Amazon Will Survive iPad 3

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).

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,104.39 +5.94 0.03%
S&P 500 2,003.71 +0.34 0.02%
NASDAQ 4,593.5840 +13.3130 0.29%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs