'Fast Money' Recap: Credit and Energy

Dylan Ratigan hosted CNBC's "Fast Money" show Monday night. He started the show with a discussion of how the credit markets improved again today and how the Dow had only a 500-point range. He pointed out that the three-month Libor traded lower along with the two-year swap spread.

Pete Najarian says "volatility dropped 25% from 81% last week to 52%." He told viewers they can still apply the strategy of buying stocks and selling calls. Karen Finerman said energy equities such as the Oil Service HOLDRs(OIH Quote) had a huge day to the upside. She pointed out that volatility in the 50s is still higher than it was after 9/11.

Tim Seymour said Halliburton(HAL Quote) reported good numbers, and Transocean(RIG Quote) had a huge day.

Ratigan asked the traders what the catalyst was for the commodity names today. Joe Terranova said it goes back to the broader markets. He says "commercial paper finally saw net inflows last week of $10 billion, and the three-month Libor saw a big drop." He explained that energy was the worst asset class coming into this and might be the leading asset class coming out. ...