The stock market was hit with another devastating blow on Monday after New York Senator Chuck Schumer asked regulators to take a closer look at Countrywide Financial (CFC) . The Dow closed down 237 points and the Nasdaq finished down 55 points. The team at CNBC's "Fast Money" reviewed the bearish events and how housing concerns continue to push the market down.

In Karen Finerman's opinion, Chuck Schumer was being politically opportunistic. Jeff Macke remarks that this market continues to look for reasons to sell off. For Pete Najarian, the story of the day was the financials, which were terrible. Najarian continues to hold his put options positions on the financial names. Guy Adami recommends watching the 1400 level on the S&P 500. He predicts that a close below that level will take the Dow to 12,000.

Dennis Gartman Speaks

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Dennis Gartman, author of "The Gartman Letter" joined the "Fast Money" crew to discuss his take on the markets. Gartman thinks the market looks very weak with stocks opening higher but then closing on the lows. He is worried that the public investor hasn't even begun to sell yet and the psychology of the consumer is changing. He recommended watching the Investors Business Daily chart of mutual fund holdings, which is now down on the year.

Gartman disclosed that he is long

Transocean

(RIG) - Get Report

,

Microsoft

(MSFT) - Get Report

and

Apple

(AAPL) - Get Report

. He is short

Tiffany's

(TIF) - Get Report

and

Countrywide

(CFC)

.

(One investor put together a bear market portfolio on Stockpickr.com, see

Bear Market

.)

Housing Data Trade

Finerman thinks the homebuilders are in serious trouble and she predicted that some will go bankrupt. Both new home sales and existing home sales figures will be released Wednesday and Thursday of this week. Adami suggests looking at

Acuity Brands

(AYI) - Get Report

, a home furnishing company which is down 45% from its 52-week high and has a 12% short interest. Another name is a diversified electronics company named

Thomas and Betts

(TNB)

that provide heating and ventilation products.

Holiday Shopping

ShopperTrak reported that Friday and Saturday sales totaled $16.4 billion, a 7% increase over last year. Adami mentioned that Morgan Stanley raised its price target on

MasterCard

(MA) - Get Report

to $215. He feels that the story for MA is still in tact as a transaction trade.

Wall Street Whale Bill Ackman raised his stake in

Borders

(BGP)

from 11% to 17.1%. Finerman thinks it's interesting that the CEO of Borders is also buying stock. Adami mentioned that 19% of the float is short and it could be worth a trade for a short squeeze. However, Macke isn't excited about this company or stock.

(Here's one portfolio that is a list of favorite holiday 2007 stocks

Holiday 2007

.)

Tech Conference

Credit Suisse will be holding a major technology conference that starts on Tuesday. Najarian recommends that investors watch

Intel

(INTC) - Get Report

and

eBay

(EBAY) - Get Report

. Anything positive out of eBay could move the stock higher. Adami prefers

Hewlett Packard

(HPQ) - Get Report

and expects that it will trade to $55.

Finerman still likes

Microsoft

(MSFT) - Get Report

and she is intrigued by the idea of being long

EMC

(EMC)

and shorting

VMware

(VMW) - Get Report

. She thinks that the long EMC/Short VMW trade has really collapsed. Adami argues VMW should be in the $90s and EMC should be at $20.

Option News

Najarian noted unusual options activity in airlines like

Northwest

(NWA)

and

Delta

(DAL) - Get Report

. He mentioned that options players were rolling out of December $15 calls and into March $17.50 calls on Delta, and rolling out of December $15 and $20 calls and into March $17.50 calls on Northwest. Najarian remarked that volume on these trades were heavy.

Pops & Drops

Pops -

Garmin

(GRMN) - Get Report

traded up 5% as investors try to get ahead of a hot gadget trend for Christmas. However, Finerman doesn't think that GRMN is a "must own" stock.

Mattell

(MAT) - Get Report

and

Hasbro

(HAS) - Get Report

traded up 1% and 2% ahead of Christmas. Macke thinks HAS is the cream of the crop and he is long the stock.

Deere

(DE) - Get Report

traded up 1% after Bank of America upgraded the stock. Adami continues to like DE.

GameStop

(GME) - Get Report

traded up 3%. Najarian admired the nice pop.

Drops -

Yahoo

(YHOO)

fell 4% after servers went down at the company. Adami isn't a fan of this stock.

Pfizer

(PFE) - Get Report

fell 3%. Najarian thinks this stock will continue to fall, until the company does a takeover to bring growth back.

Circuit City

(CC) - Get Report

fell 8%. Macke says nothing goes to zero in a straight line, except Circuit City. Investors are better off sticking with

Best Buy

(BBY) - Get Report

.

Tesoro

(TSO)

fell 8% after Kirk Kerkorian commented that the company had become less valuable after adopting a poison pill. Finerman wasn't happy about the comment.

Final Trade

The team finishes another down day with trade ideas for viewers.

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