'Fast Money' Recap: GM's Tune-Up

The trading panel gives good reviews to GM's turnaround plan.
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"The stock market stinks!" said host Dylan Ratigan to kick off Tuesday's installment of

CNBC's

"Fast Money." The

S&P 500

reached its lowest level since 2005, and as Ratigan said, "the market can't catch a break even when oil liquidates."

Jim Macke advised that "if you want to feel good, buy a puppy, because we have nothing but pain." Discussing the day in trading, Macke noted that "today's open was textbook from the trading perspective in terms of getting long." Joe Terravnova called it a "wasted opportunity" and said that at this point the "only way you can trade is defensively."

Rounding out the discussion, analyst Tim Seymour said the "market was still focusing on fundamentals" and that at the very least "the dollar did reasonably well today." Macke noted that "oil didn't fall off a cliff" but that instead it "came back to where it was before." He finished by cautioning that "we're in a bear market, and things can go lower than you could possibly imagine."

Shifting Gears

Ratigan then turned the discussion to that of

General Motors

(GM) - Get Report

, which today unveiled its turnaround plan. Seymour called the plan "very ambitious" and added that "it makes a lot of sense." He said "the good news is they're cutting cost" and he said he likes it "for their position internationally." Guy Adami agreed and mentioned that with the plan they "bought themselves an extra year in terms of cash flow."

Special guest analyst Steve Leisman joined the crew to discuss the news of the day. He started by mentioning that the "

Fed

is lowering expectations for rate hikes that are out there." He also mentioned that he felt what was happening was that "when you look at the Treasury plan, the winners consistently have been debt holders."

Expanding on this, he asked, "Why wouldn't you like the debt of financials long before you liked the stocks of financials?" He also finished by stating that he was "more bullish on the dollar now" and that he believed "in the Fed forecast that inflation is going to come down."

Healthy Numbers

Next was guest analyst Kris Jenner of T. Rowe Price, who mentioned that the "highest percentage of stocks to make their numbers are in health care." He quickly cautioned, however, that "as quickly as this phenomenon has emerged it could diminish."

Giving some names to watch for, he said "

Gilead Sciences

(GILD) - Get Report

has dominated in their core business of HIV/AIDS medicine." Adami agreed with this, calling it a "company that's growing into their valuation" and saying "people haven't figured out the story yet."

Jenner finished by recommending

Baxter

(BAX) - Get Report

, which he felt was "very steady for this type of market and still reasonably priced."

Last Licks

On the Final Trade of the day, Macke took

Activision Blizzard

(ATVID)

, which he has "always wanted to sell but never do." Terranova took

Johnson & Johnson

(JNJ) - Get Report

and Adami picked

Amazon

(AMZN) - Get Report

.

This article was written by a staff member of TheStreet.com.