NEW YORK (
) -- The markets ended the week on a troubling note as the
Dow Jones Industrial Average
fell below 10,000.
The Dow slid 323.31, or 3.5%, to 9,931.97, while the
dropped 37.95, or 3.44%, to 1,064.88. The
fell 83.86, or 3.64%, to 2,219.17.
Guy Adami said on
's "Fast Money" TV show that the VIX was easily up "north of five handles" and sees the S&P heading to 1,040, which he thinks will not hold. He said it feels as if the market is entering into a phase where investors will be making money by selling on down days.
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 onTV
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Joe Terranova said the market lost a near-term catalyst to move higher when the jobs report showed disappointing job growth in the private sector.
Mike Khouw said it's common to see the VIX move higher when the market slides lower. And he said the market is moving around even more than the VIX suggests. The volatility index was down more than 20% in today's trading session.
Terranova said investors should be responding defensively in this environment, going with names like
. He told investors to stay away from the "go-go names" because they are the ones that are going to be punished the most.
Gary Kaminsky said long-only investors shouldn't be ashamed about increasing their level of cash. He expressed concerns about the tremendous amount of debt that needs to be rolled over by year's end.
Adami said there is no rule that to prevent investors from getting out of a uncomfortable market situation.
Karen Finerman said she hated to buy in a "messy" situation going into the weekend. However, she said she favored names like
Johnson & Johnson
Melissa Lee said retail names were on the decline today on the heels of a disappointing jobs report. Patty Edwards said investors should be looking at well-run companies like
Adami stressed investors need to have a market view in place before jumping into these specialty retail names. Finerman said she like retail companies like
, Best Buy,
Lee noted that commodities and global growth names were taking a hit today. Terranova attributed the decline to the reports of belt-tightening in China, adding the only commodity worth owning was natural gas.
What was the final hour of trading today like? Jon Najarian said risk managers, with the VIX exploding and the market plunging, pulled the plug, sending the Dow down 110 in the final hour.
With the European contagion taking a turn for the worst with the latest news from Hungary about sovereign debt problems, Brian Kelly said he didn't see any support for euro and predicts it will slide to parity with the dollar.
Lee noted that the
Financial Select Sector SPDR
and S&P have been moving in tandem in the past two months. Anthony Scaramucci attributed the correlation to the huge uncertainty over the shape of financial regulation.
In the final trades, Terranova liked gold, while Adami advised viewers to watch out for the S&P at 1040. Finerman liked
, while Khouw was for natural gas.
-- Written by David Tong in San Francisco
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