Armageddon was in the air on Wall Street Tuesday after the Dow fell 465 at the open. The Federal Reserve announced a surprise interest rate cut of 75 basis points and the market was able to bounce back. The Dow finished the day down 128 points and the Nasdaq fell 47 points. The crew at CNBC's "Fast Money" did a post-mortem on the day and tried to find some direction in the market by bringing chartist Louis Yamada and Dennis Gartman to the show.

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Pete Najarian mentioned that he still doesn't like this market and a bottom isn't close. In Guy Adami's opinion, Tuesday was as close to a bottom as we are going to see. According to Jeff Macke, we finally saw the sky fall and capitulation and now is the time to take a shot on the long side for the next few weeks. Karen Finerman disclosed she bought

Altria Group

(MO) - Get Report

,

Crocs

(CROX) - Get Report

and sold puts on

Rio Tinto

(RTP)

at the open.

Chartology

Louise Yamada, Managing Director of Louise Yamada Technical Research Advisors and John Roque, Natexis Bleichroeder Technical Analyst joined the "Fast Money" crew to discuss their take on the markets from a technical perspective. Yamada thinks the market is a long way from a strong recovery. She recommends selling the S&P 500 into any strength. Roque thinks the market is oversold and could experience a bounce at anytime. He explained the gold chart demonstrates a long-term uptrend and the yellow metal continues to be a safe haven. Adami remarked that the gold story scares him and gold usually ends in tears. Macke thinks the S&P 500 is setting up for an oversold bounce.

(Here's one way to look a this bear market on Stockpickr.com

Recession Proof Portfolio

.)

Dennis Gartman Speaks

Dennis Gartman, author of The Gartman Letter, joined the "Fast Money" crew to discuss his take on the markets. Gartman predicts Wednesday morning will be ugly off the back of disappointing expectations from

Apple

(AAPL) - Get Report

. He disclosed he is short

Research In Motion

(RIMM)

. Gartman doesn't think the bear market is over yet. He explained that bear markets rarely end with "V" bottoms. He disclosed he is short on balance, long agriculture and gold. Gartman is also looking to buy

Potash

(POT)

and he will continue to own wheat, corn and soybeans. He advises selling high tech and steel. Finally, Gartman declared that the US is in a recession and has been since the third quarter of 2007.

World Stock Plays

Tim Seymour joined the "Fast Money" crew to discuss his take on global stocks. Seymour thinks earnings growth and valuations still look solid in some BRIC (Brazil, Russia, India and China) names. He likes

iShares MSCI Emerging Markets ETF

(EEM) - Get Report

Russia, and

Tata Motors

(TTM) - Get Report

. Seymour went on to say that emerging markets have put in a short term bottom. He mentioned that resource companies like

CVRD

(RIO) - Get Report

,

Petrobras

(PBR) - Get Report

and Gazprom look cheap to him on a cash flow basis. Seymour also recommends owning

iShares FTSE/Xinhua China 25 Index

(FXI) - Get Report

for the next 6-12 months.

Value Buys off Panic

The "Fast Money" traders gave out some value stock names that they feel investors can look to build positions in with the current market panic. Macke suggests it's time to get in

Wal-Mart

(WMT) - Get Report

. Adami likes

Microsoft

(MSFT) - Get Report

for the global PC story. Najarian recommends buying

ConocoPhillips

(COP) - Get Report

on a dip to $68. Finerman prefers

Altria Group

and she disclosed she bought some refiner names Tuesday.

Word on the Street

Homebuilders were strong Tuesday as the market hopes the rate cut will help the battered sector. Ara Hovnanian, CEO of

Hovnanian

(HOV) - Get Report

joined the "Fast Money' traders for his take on the sector. Hovnanian explained that the rate cut will not have a major impact on the sector because most home buyers use the 30-year fixed mortgage. He does think the cut will affect buyer's psychology positively. Hovnanian also mentioned that he isn't concerned about the companies debt load. He feels HOV will be able to weather the storm. Macke thinks the sector will take years to bottom. Adami says

Centex

(CTX)

and Home Depot are the best plays. Najarian recommends

Freddie Mac

(FRE)

and

Fannie Mae

(FNM)

if the housing market rebounds.

Apple

(AAPL) - Get Report

reported a strong first-quarter, but warns on the second-quarter. The stock traded down 11% after hours. Macke explained it's not the news, it's the reaction to the news and the market is looking for any excuse to sell. To Najarian, the numbers Apple reported were incredible and he would look to buy the stock if already long. He feels the stock is fairly priced at current levels trading below a 25 P/E. Adami remarked that if you see 100 million shares trade on Apple Wednesday that will be signs of capitulation and that will be the time to buy the stock.

Retail stocks ripped higher Tuesday as the Fed swooped in with a 75 basis point cut. Finerman disclosed she sold some

Wal-Mart

(WMT) - Get Report

into the rally. Adami and Macke both like

Home Depot

(HD) - Get Report

for a long side trade.

Warren Buffett's Berkshire Hathaway raised its stake in

Burlington Northern Santa Fe

(BNI)

to 18.2%. Adami would look to buy BNI around $77 on the back of Buffett. He also likes

CSX Crop

(CSX) - Get Report

and he mentioned that the railroad stocks are a great way to play the agriculture sector.

(Take a look at Buffett's portfolio Stockpickr.com

Warren Buffett

.)

DuPont

(DD) - Get Report

reported strong fourth-quarter and full-year sales and earnings growth. Najarian loves DD for a play on the agriculture sector.

Johnson & Johnson

(JNJ) - Get Report

reported a rise in earnings on strong consumer and pharma sales. Adami thinks JNJ's earnings were great and he loves the consumer products business. He explained that JNJ has a great dividend and is a safe stock. Najarian says keep an eye on the diagnostic companies after

Roche

(ROG) - Get Report

bought

Ventana Medical Systems

(VMSI)

for $3.1 billion.

Pops & Drops

Pops -

Circuit City

(CC) - Get Report

traded up 21% after gapping down huge at the open. Macke cautions shorts that there isn't a lot of meat on the bone.

Morgan Stanley

(MS) - Get Report

traded up 8% after gapping lower at the open. Najarian suggests the Fed rate cut helped out MS.

Wachovia

(WB) - Get Report

rose 4% after gapping lower at the open. Adami isn't sure if the CEO is telling the entire story yet for WB.

Nordstrom

(JWN) - Get Report

gained 9% after gapping lower at the open. Finerman commented nice pop and the stock still isn't expensive.

Washington Mutual

(WM) - Get Report

traded up 9% off the back of the Fed rate cut. Finerman explained that financials went up Tuesday as material costs (capital) went down with the Fed rate cut.

Jacobs Engineering

(JEC) - Get Report

traded up 5% after the firm reported a 61% rise in first-quarter profits. In Adami's opinion, the story for JEC is strong.

Williams-Sonoma

(WSM) - Get Report

traded up 12% off an upgrade from Sanford C. Bernstein & Co. According to Finerman, this was another retailer overdone to the downside.

Drops -

Motorola

(MOT)

fell 8% ahead of Wednesday's earnings call. Najarian doesn't like the way MOT is looking.

Yahoo

(YHOO)

fell 4% after speculation hit Wall Street that the search king might cut 2,500 jobs. Macke would sell what little YHOO investors have left.

Exxon Mobil

(XOM) - Get Report

fell 3% after oil fell below $90 a barrel. In Adami's opinion, XOM is becoming compelling from a valuation perspective at current levels.

Cisco Systems

(CSCO) - Get Report

fell 6% after the networking giant said it would spend $1.5 billion to expand into the United Arab Emirates. Najarian disclosed he owns CSCO and sooner or later it will be a buy.

Corinthian Colleges

(COCO)

fell 31% after the firm said three lenders stopped loans for students with high credit risk. Macke explained that Sallie Mae was one of the firms to stop loans and that is problematic.

Trader Radar

Getty Images

(GYI)

traded five times its average daily volume.

Face2Face

Viewers write in with questions they'd like the team to answer.

Tish from North Carolina wants to know, "What do you think about the UltraShort ETFs? Do you have any recommendations on the best ones to buy now?" Dennis Gartman likes the

UltraShort S&P 500 ProShares

(SDS) - Get Report

and

Short Dow30 ProShares

(DOG) - Get Report

.

Jerry from Tennessee asks, "I am a new investor as of last week. I hear you all say the staple name brand stocks are a value right now. As a newbie should I stick with sure bets?" Macke explained that there are no sure things in this world. He does think that

Procter & Gamble

(PG) - Get Report

and

McDonald's

(MCD) - Get Report

are getting interesting here. Gartman recommended looking at

JPMorgan Chase

(JPM) - Get Report

and the rest of the banks.

Andy from Arizona writes, "What about the exchanges? They have been killed. Is this an opportunity?" Adami says look at

NYSE Euronext

(NYX)

which he thinks will trade with a 90-handle. Najarian would look at

Nasdaq Stock Market

(^IXIC)

.

William writes, "Do you think fast food has become a consumer staple?" Macke says unless it's

McDonald's

(MCD) - Get Report

no. He would rather be in old traditional consumer staples.

Final Trade

The team ended the volatile day with potential money making trades.

  • Macke recommends buying the Financial Sector SPDR(XLF) - Get Report with a stop at $25.
  • Adami favors Wachovia(WB) - Get Report.
  • Finerman likes Macy's(M) - Get Report which she disclosed she is currently long.
  • Najarian advises buying the February $30 put options on the iShares MSCI Germany Index Fund(EWG) - Get Report.

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