) -- The markets started the week badly on uncertainty surrounding plans for a eurozone rescue plan.


Dow Jones Industrial Average

fell 274.49, or 2.13%, to 11,397.00. The

S&P 500

dropped 23.72, or 1.94%, to 1200.86. The


lost 52.93, or 1.98%, to 2614.92.

Guy Adami led off


's "Fast Money" TV show with comments on the selloff in


(IBM) - Get Report

. He said Big Blue had a decent quarter that saw an EPS beat, light revenues and margins that were a "tad bit light."

He said IBM's problems was the run-up in the stock prior to earnings. He said the S&P's move the next couple of days will dictate whether and when to get into the stock.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

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Karen Finerman said IBM's valuation isn't stretched relative to other names and to its historical PE. She said she would wait awhile to act.

Joe Terranova said today's price action on IBM is more indicative of the market than the company. He said IBM turned in a solid report that shows it is gaining market share on

Hewlett Packard

(HPQ) - Get Report



(ORCL) - Get Report

. He said he would step in and hedge a trade if the stock falls below $180.


reporter Jon Fortt, who was in on the conference call, said IBM executives were focused on the company's ability to be consistent in areas such as service and software. He said the company saw a dip in its backlog and was hurt by currency exchange rates.

Melissa Lee, the moderator of the show, noted that


(CROX) - Get Report

was down 37%. But Tim Seymour said Crocs continues to do well in Asia and that its numbers aren't that bad. Terranova said he would look at


(DECK) - Get Report

as the trade in this space.

As for the markets in general, Adami said he was not surprised by the selloff after the S&P had touched the upper range. He said it may head to 1150. He said the VIX was "up huge today." "That's all you need to know."

Finerman said the selloff was orderly. She said the market has pulled back to where it was last Wednesday afternoon. She said she wouldn't be inclined to jump back in on the pullback. Brian Kelly said the session felt like a bear market rally.

Green Mountain Coffee Roasters


was down 11% after Greenlight Capital's David Einhorn presented a bearish case for the stock at a value investing conference.

Lee said the company has not been transparent about its accounting, is bumping up against patent problems and K-cups are expensive.

Adami said there's a big short interest in the story, adding the shorts will be embolden and start to lean against the stock. Scott Nations the put volume was heavy of the stock today.

Research In Motion

( RIMM) shares fell after Carl Icahn said RIM was not his radar. Finerman said she "absolutely" took him at his word. Lee said the stock is a difficult target because the two co-CEOs own 10% of the stock.


(AAPL) - Get Report

hit another all time high following the successful debut of its iPhone 4s. Finerman said she sold some upside calls in the stock and noted that Blackberry users are switching to the iPhone 4s.

Carter Worth, a chartist with Oppenheimer Asset Management, said momentum stocks like

Wynn Resorts

(WYNN) - Get Report





(BIDU) - Get Report

are showing signs of cracking as they come up against their 150-day moving average.

As for the broader market, he said the S&P seems to have hit its head against 1225 and showing signs of limited downside action toward 1160.

Moving to the currency trade, Todd Gordon, Aspen Trading's co-head of trading, said there are growing signs that Canadian householders are getting overleveraged. He said the weaker Canadian dollar is saying that equities are going to have a hard time moving forward. He advised shorting the Canadian dollar and buying the U.S. dollar.

Shifting to

Goldman Sachs

(GS) - Get Report

, which is scheduled to report earnings Tuesday, Frederick Cannon, chief equity strategist for Keefe, Bruyette & Woods, said he expects the company to post a loss.

But he said it might be time to jump into the stock, which was down 5.79% today, because it trades at a deep discount to book value and remains an attractive stock over the long haul.

Cannon said the big concern for the stock is the kind of business model it will have under the Volcker rule. Still, he likes Goldman's chances, given the history of the company, the outlook for the financial services industry and the potential capital redeployment for share repurchase.

Moving to the transports, which declined today, Finerman said she was sticking with


(CMI) - Get Report

, which fell 5.36% today. She said she owned the stock and liked its valuation and great balance sheet. Jefferies upgraded the stock to a buy today.

Kelly found it ironic that Cummins garnered an upgrade when its CEO said the macro situation wasn't looking that good.

Switching to the airilnes sector. Phil Lebeau,


reporter, said Tuesday kicks off what he expects will be an unbeat earnings quarter, with

Hawaiian Airlines

(HA) - Get Report

expected to turn in a good report.

He said the industry, with the exception of



, which is locked in labor talks with its pilots, is expected to show solid profits, jet fuel price stability, firm air fares and capacity and costs in check.

In the final moves, Scott Nations said he a seller of Crocs. Kelly liked the

iShares Barclays 20+ Year Treasury Bond ETF


. Seymour liked


(VALE) - Get Report

. Adami liked

Exco Resources


. Finerman said she was going to be patient with IBM. And Terranova liked


(APC) - Get Report


Written by David Tong in San Francisco.

>To contact the writer of this article, click here:

David Tong


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