NEW YORK (

TheStreet

) -- The markets fell Monday on renewed euro-debt concerns

The

Dow Jones Industrial Average

fell 131.19, or 1.05%, to 12,380.88. The

S&P 500

dropped 16.07, or 1.21%, to 1317.20. The

Nasdaq

lost 44.24, or 1.58%, to 2759.08.

Joe Terranova said on

CNBC

's "Fast Money" show that the commodities markets appear to be in the late innings, judging from the decline in volume in the oil futures space and the growing percentage of longs getting out of the market. He said he still liked

CVR Energy

(CVI) - Get Report

and was long

Freeport McMoRan

(FCX) - Get Report

.

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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Guy Adami noticed the market is starting to lose the leadership of the commodities and financials. He said investors should be cautious until the S&P gets above 1325.

Tim Seymour said he markets are starting to feel the impact of global economic weakness in Europe and Asia.

Stephen Weiss said China is looking at the weakening picture in commodities across the board and playing a waiting game for prices to drop much further before taking any action.

Seymour said the currencies in the emerging markets are "giving up the ghost" and look scary at this point.

Dennis Gartman commented on how Fitch Rating's revision of Belgium's outlook to negative helped cause a plunge in the euro. Gartman said Belgium, one of the "core" members of the EU, can't seem to put together a government. He said he's afraid Germany's unhappiness about a Greece bailout could lead to a split in the euro and a Germany-focused euro.

He reiterated his trade in the non-dollar gold trade. He said he has long held the view to be in gold in terms of euro, sterling or Swiss franc.

Amelia Bordeau, Westpac's director of foreign exchange, said the euro was under a lot of pressure from Greece's rising borrowing costs and the impending end of QE2 next month.

Carter Worth, a chartist from Oppenheimer Asset Management, sounded a little more optimistic about the markets. He concluded after going through several charts that the markets look in good shape after some normal pullbacks. He said the markets are 3% to 4% off their highs, adding he remained long on the markets.

Lee said another space that was down was technology. Terranova said there is a rotation going away from tech. He said it's not the time of year to own tech, adding global growth is moderating and chip inventory is piling up.

Adami said it might be a good time to get out of

Oracle

(ORCL) - Get Report

at $31.50 and shift into cash. Terranova disagreed, saying there are better alternatives to cash, including corporate bonds, Treasuries, health care and utilities. Terranova believes the market is at a point where it's taking "a pause that refreshes."

Karen Finerman said she bought some

Apple

(AAPL) - Get Report

last week and found the valuation in

Caterpillar

(CAT) - Get Report

calls attractive.

Shifting to the fertilizer space, Adami said he still liked

CF Industries

(CF) - Get Report

and

Mosaic

(MOS) - Get Report

.

In the trading the globe segment, Seymour wasn't high on the upcoming IPO of Yandex, which he considered the Google of Russia. He said the offering will be well received but he was upset about the rise in the listing price by 20%. "It's a really expensive deal."

For the hedge fund pick of the week, Anthony Scaramucci, of Skybridge Capital, chose

Scripps Network

(SNI)

.

He said Scripps own two great television channels, Home Garden and Food Network, as well as 65 percent of the Travel Network. He said Scripps has "great" EBITDA margins that figure to rise from 43% to 50%, generating $500 million of free cash flow next year. He said the stock, which closed today at $48.75, should be trading between $65 and $80 in the next 12 months.

He agreed with Adami that Scripps would make a "great takeover candidate."

Lee brought in Regis Philbin, TV co-host, to talk about some of his trades. He said he's been doing well buying

Apple

(AAPL) - Get Report

when it dips.

He inquired about investing in

Goldman Sachs

(GS) - Get Report

, which Finerman said faces a tough regulatory environment but still has the ability to make money.

Terranova applauded Philbin's pick of

EMC

(EMC)

. Adami questioned Philbin's pick of

Sirius

(SIRI) - Get Report

but the panel liked his pick of

Wynn Resorts

(WYNN) - Get Report

and its exposure to the casinos in Macau.

Finerman acknowledged she made a bad trade when she shorted

Barnes & Noble

( LMDIA), figuring no one would come in and bid. Though

Liberty Media

( LMDIA) came in with an offer of $17 a share, Finerman said she wasn't backing down from her short. She said it's possible the deal won't go through.

In the final trades, Weiss liked

Nustar Energy

(NU)

. Seymour liked

iShares MSCI Turkey Fund

(TUR) - Get Report

, while Adami said

Micron

( LMDIA) should hold at the current price level. Finerman liked

Target

(TGT) - Get Report

. Terranova expressed reservations about health care and said to "take half off the table."

--Written by David Tong in San Francisco.

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.

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.

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.

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