Despite more details about about bank stress tests, the markets fell back into negative territory Wednesday.

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The

Dow Jones Industrial Average

fell 80.05, or 1.09%, to 7,270.89, while the

S&P 500

lost 8.24, or 1.07%, to 764.90. The

Nasdaq

dropped 16.40, or 1.14%, to 1,425.43.

Dylan Ratigan, the moderator of

CNBC

's "Fast Money" TV show, said stress tests will be used to look at the capital cushion of the 19 largest banks in the country. He said the government will use the results to determine how much money the banks will need if their toxic assets continue to deteriorate.

Jeff Macke said the stress tests aren't necessary. He said it would be like giving a tread mill test to a person who's having a heart attack. He said it's well established that the banks are in critical condition.

Ratigan wondered whether the tests are just a mechanism the banks can use to get more money from Congress.

Karen Finerman said she wanted more details on the tests. She said what they've come up with so far is a bad case scenario to see how these banks will fare.

She said one encouraging note was a push by the government to get the troubled banks to go into the markets to look for private capital. "That can go a long way toward solving the problem," she said.

Ratigan noted that crude oil jumped 6% today. Pete Najarian said oil took off after it finally broke through the $40 level. Zachary Karabell noted $40 a barrel is a good price for oil producers and companies because their break-even point is $15.

Ratigan noted that

Wynn Resorts

(WYNN) - Get Report

was down 16% today. Macke said the country's largest casino company is getting hurt by a profit squeeze in Macau and a big drop in business in Las Vegas.

Karabell said Wynn was suffering from a poor case of timing, having opened a new casino, Encore, in the midst of a recession. He also pointed out the importance of evaluating Wynn's debt relative to its revenue expectations.

Ratigan brought on John Koser, director of research for Asbury Research, one of two chartologists on the show who believes that a market bottom might be at hand.

As evidence, Koser pointed to both the 730-to-740 support level of the S&P 500 and the October 2002 lows in the PHLX Semiconductor Index as indicators of a market bottom.

Macke said he used the S&P 741 support level as a "nice tight stop" for trading purposes in a volatile market.

Ratigan brought on Toni Sacconaghi, senior research analyst for Sanford Bernstein, to talk about

Dell

(DELL) - Get Report

, which is set to report its earnings tomorrow, and

Apple

(AAPL) - Get Report

.

Sacconaghi said investors are very "spooked" about Dell because it's principally a PC company. "PC's are commodities, and we are in a recession," he said, adding companies and individuals are keeping their PC's longer.

However, he said those with a long-term horizon should be buying the stock, which is now at $8, the lowest since 1998, because it is "incredibly cheap" at four times downside earnings.

The analyst said he feels good about the long-term growth opportunities for PCs because there are only 1 billion PCs in the world. He sees a 4% revenue growth rate for PCs going forward.

Sacconaghi said investors are nervous about Apple because it is the ultimate consumer stock in arguably the worst consumer spending environment. However, he said the stock is a cheap growth stock at seven times to eight times its cash-flow, which he said is well below market levels.

Nate Silver, of fivethirtyeight.com, told the panel that he believes the economy recovery will come much more quickly that people anticipate. He said he doesn't know when the recovery will be. He said it might not happen for six months to a year or longer, but when it does, it will happen quickly.

In the final trades, Macke liked Apple. Karabell liked

sohu.com

(SOHU) - Get Report

. Finerman said to go long on the preferred of

Wells Fargo

(WB) - Get Report

and short a little of the common equity. Najarian liked

Visa

(V) - Get Report

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.