By Roberto Pedone

The traders of


"Fast Money" are cautious about U.S. equities now that the

S&P 500

has dropped to its lowest level in 10 weeks, with rumors of a second government stimulus plan raising fears on Wall Street that the economy remains in rough shape.

Joe Terranova told viewers that the market is all about earnings now that the reflation trade is over. He said the play now is to be flat heading into earnings but not short.

Karen Finerman isn't surprised that stocks are moving lower considering how dramatic the move higher was.

Tim Seymour said it's a negative indicator that the S&P 500 broke below the 200-day moving average. He thinks that the S&P could trade all the way down to 830.

Guy Adami thinks a move down to 830 is a good thing in the long run. He feels a drop to that level will allow investors to get back into the market.

The "Fast Money" crew has recently highlighted trading ideas that play off of defensive stocks, health care reform stocks and stocks with unusual options activity. Here are some highlights from over the past week as aggregated from the show.

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