Dylan Ratigan hosted CNBC's "Fast Money" Tuesday night. He began the show with a discussion of the selloff in the stock market that continued today, breaking through the lows of yesterday's market bottom.He explained that the selling continued becuase of a lack of confidence among market participants to trade with each other, forced selling from hedge funds, concerns over the Federal Reserve's efforts to restore short-term borrowing to the markets and the fundamental problem of a slowdown in the economy. Joe Terranova says the Fed has to step up to provide solvency for the buyers and sellers in the commercial paper market. Jeff Macke said the confidence problem persists because the Fed President keeps talking and nobody understands the rules. "I have no confidence at all going forward," he added. Guy Adami said it's going to take time go get confidence back in the stock market. "Time will heal this, it's just going to take a lot of it," he said. Pete Najarian says the market wants to see the elimination of the short-sale rule. He explained that volatility is high right now because of all the various rule changes that keep happening. "We traded 25 million options contracts yesterday, and the average for 2008 was 14 million per day. We need the uptick rule, but we don't need the short-sale rule," he said. Ratigan asked the crew what they did today as traders. Najarian said he added or took off some of the positions he already had on. Terranova said he sold straddles and made a trade in crude oil. "I think hedge fund managers right now don't see the V-shaped recovery in the market, they see the U-shaped recovery, and that makes them want to clear out," he added.