'Fast Money' Recap: More Downside

The trading panel said the falling euro and the uncertain situation in Europe are going to send the market down next week.
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NEW YORK (

TheStreet

) -- The markets ended a roller-coaster week in the red as fears of a euro collapse rattled investors.

The

Dow Jones Industrial Average

fell 162.79, or 1.51%, to 10,620.16, and the

S&P 500

dropped 21.76, or 1.88%, to 1,135.68. The

Nasdaq

sank 47.51, or 1.98%, to 2,346.85.

Gary Kaminsky on

CNBC

's "Fast Money" TV show said the week has been changing so quickly between gold, the euro and the fast-moving events in Europe. He said the primary fear of portfolio managers now is to be fully invested and not have cash.

He said the only certainty is that volatility will continue next week and to stay long the

CBOE Volatility Index

I:VIX

.

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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Karen Finerman

said she felt nervous and afraid going into last weekend and felt the same way going into this weekend, with trepidations of more downside to come in the markets.

Joe Terranova said the only difference between this week and last week was the short covering at the beginning of this week. He said the markets don't believe the situation in Europe is going to go away. He also said there is a rotation underway from an aggressive market that was favoring small caps to large caps and smaller positions.

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Tim Seymour said the discouraging outlook in Europe has left him going into next week with a small book and a net short bias.

Seymour said another way to play is to short high-beta resource names like

U.S. Steel

(X) - Get Report

and

Freeport McMoRan

(FCX) - Get Report

.

Terranova said until there is a dramatic change in events such as a revaluation by China of its currency, investors would be better off in names like

Pfizer

(PFE) - Get Report

,

Kohl's

(KSS) - Get Report

,

Costco

(COST) - Get Report

, and

Yahoo!

(YHOO)

, slow movers that work in a sinking market.

Melissa Lee brought in Joe Livorgna, an economist for Deutsche Bank, who was optimistic on Monday about Europe's chances to get back on its feet after the announcement of the $1 trillion bailout.

Livorgna did not back away from his comments, saying it will take weeks before it will known whether the bailout is working. He said a weak euro actually could benefit Europe and make its products competitive. He also said it's difficult to think of a bearish market in U.S. equities with fundamentals so strong, as was evidenced today in the retail and industrial production data.

Terranova said gold recovered nicely after an intraday drop, adding commodity money managers are moving away from oil to precious metals.

Lee brought in Simon Leopard, an analyst for Morgan Keegan, and asked him for a pick. He said he liked

Commonscope

(CTV) - Get Report

, which he characterized as a play off the phenomenal growth in cell phones by betting on the antennas for cell towers.

He also thought the selloff was overdone on

Cisco

(CSCO) - Get Report

and feels there is a buying opportunity there. He liked Cisco's fundamentals and said its catalysts may be weeks away.

With a slew of retail earnings next week, Patty Edwards said she is finding shoppers to be more cautious in their spending.

How to play the weak euro? Michael Block, chief equities strategist, for Phoenix Partners Group, said he would focus on companies like

SAP

(SAP) - Get Report

, which generate sales in dollars and have their costs denominated in euros.

In the final trades, Seymour said he would short

U.S. Steel

(X) - Get Report

. Kaminsky said he would go long the VIX while Finerman said she liked

IBM

(IBM) - Get Report

. Terranova said further eurozone weakness will weaken solar names.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

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

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