Erin Burnett hosted CNBC's "Fast Money" show Monday night. She kicked off the show with a discussion of the 230-point drop in the Dow in the final 10 minutes of trading, due to global recession fears.Pete Najarian mentioned that when the volatility index gets up near 80, that is usually when the risk-takers come back into the market and sell premium. He says "there is still more liquidation going on, which could be bad news for hedge funds." Jeff Macke said we were negative because there is no reason to hold stocks overnight. Guy Adami said the 7800 level on the Dow better hold or we will see a "6-handle." He says "investors should trade the 7800 to 9500 range on the Dow." Najarian said that overall options volume was very light today, with only 10.3 million contracts traded. He explained the SPDR Trust ( SPY) traded only half of its normal 20-day moving average -- 1.1 million contracts, vs. normal 2.1 million contracts. He said don't read too much into the 200-point drop in the Dow. Macke mentioned that Arch Coal ( ACI) was liquidated on light volume. He says "the chart of Arch Coal is frightening." Burnett said that crude oil is at its lowest level since May 2007. Adami said Exxon Mobil ( XOM) is a valuation play in the low $70s. He says "crude at these levels will be a tax credit to the American population." Najarian told viewers not to get "fooled" on the price-to-earnings ratios of the oil names, because the sector isn't trading on fundamentals right now.