Dylan Ratigan hosted CNBC's "Fast Money" Tuesday night. He started the show with a discussion of how the Republicans and Democrats in Congress don't like the $700 billion bailout plan for the financial sector. Ratigan quoted Republican Joe Barton of Texas, who said, "Just because God created the world in seven days doesn't mean we have to pass this bill in seven days."

Karen Finerman said this is a very urgent matter and the Congress needs to get this done by Monday or Tuesday of next week. Jeff Macke says Congress isn't going to get anything done. "The sense of urgency is gone," he added.

Ratigan asked the crew how they traded the action in the stock market today. Pete Najarian said he bought premium through options. He pointed out that the Dow moved in an 800-point range today. Najarian advised viewers to stay away from the market for the next four or five days unless you have a huge tolerance for the "good" and "bad." He said if you want to be in the movers, look at the Financial Select Sector SPDR ( XLF).

The "Chart of the Day" was Goldman Sachs Group ( GS). "How do you evaluate Goldman Sachs at this point, because you don't know who is going to be left?" Guy Adami said. Macke says the stock will sell off until the company does something or Congress comes up with something. "I don't know what business they are in, I don't know where it's going to trade, and I don't know at what level the government is going to bail them out," exclaimed Macke.

Ratigan moved the talk to the commodity complex. Najarian told viewers to look at the gold chart. He says gold is pulling back and he would short the miners like Newmont Mining ( NEM) and Gold Fields ( GFI), which have run up big. Finerman said she likes the oil service sector.

Next, the crew talked about the biotechnology sector. Najarian pointed out that ImClone Systems ( IMCL) received another takeover bid from Bristol Myers Squibb ( BMY) today. He mentioned that ImClone shareholder Carl Ichan wasn't in support of the new bid. Najarian also advised viewers to keep an eye on Baxter International ( BAX) for their phase III data for their Alzheimer's drug. Adami said he likes Celgene ( CELG) at these levels because the stock got caught up in hedge fund liquidation.

Riding the Railroads

Ratigan asked the gang what they thought of the railroad sector. Adami says Burlington Northern Santa Fe ( BNI) should raise guidance in the next few says. Najarian said to wait for $50 a share on CSX ( CSX).

Ratigan mentioned that shares of Google ( GOOG) traded down after the company unveiled its new mobile phone dubbed the Android. Najarian says the phone is about getting people into its operating system. He said that in technology, Microsoft ( MSFT) and Oracle ( ORCL) keep working.

Finerman said she is hearing that Capital One ( COF) is planning to offer 14 million shares. She pointed out the news is interesting, because banks can now short their own shares and recapitalize themselves.

Interesting Times

Strategic investor Dennis Gartman, author of the Gartman Letter joined the traders to discuss the market. He said he has never seen anything like this. "The volatility is unbelievable even for the old grey-bearded pros," he said. Gartman said he owns Goldman Sachs and CME Group ( CME) because all of the derivatives will be moved to an exchange. He also mentioned that he owns some bank stocks and is short the broad market for a hedge. Gartman says the banks and brokerages will be the winners from the bailout plan.

Best Bailout

The crew discussed the best-case scenario for the government's proposed bailout plan. Adami said if the deal gets done soon, it will bring some sanity back to the market. "I don't understand the rules of the game, so I can't get long," Macke added. He says he wants to see the deal passed before he can evaluate the market. Finerman says look for great companies with good balance sheets that don't have any short-term funding issues. Najarian said he likes Morgan Stanley ( MS), Piper Jaffray ( PJC).

Short-Sale Fail

Jim Luorio, a director at TJM Services joined the traders discussed the short-sale ban and whether it's doing more harm than good for the financial stocks. He says the ban has more potential to hurt than to help. "The big hedge funds that have been long these stocks and hedged them through puts, might now take these positions off," he said. He explained the hedge funds leaving the space could take the sector down even further. Macke pointed out that the financial stocks have been down two out of three days since the ban was put into place.

Nike Earnings

The traders talked about Nike ( NKE) which is set to report earnings on Wednesday. Macke says Nike will be fine because it's "best of breed." He said to buy NKE on a pullback and avoid Under Armour ( UA) which is "dead meat." Adami says it scares him that Nike announced a buyback two days ahead of earnings. He said maybe Asia wasn't as big as a boon for the company. Najarian said Nike is a screaming buy at $57 a share.

Goldman Bailout Michelle Caruso-Cabrera joined the traders to discuss breaking news on Goldman Sachs. Cabrera told viewers that Warren Buffett's Berkshire Hathaway ( BRK.A) has reached an agreement to invest $5 billion in Goldman Sachs through perpetual preferred stock in a private offering. Shares of Goldman soared in after-hours trading on the news.
This article was written by a staff member of TheStreet.com.