The trading panel on CBNC's "Fast Money" TV show discussed some survival tactics on another dark market session on Monday.

The Dow Jones Industrial Average plunged 250.89, or 3.41%, to 7,114.48, while the S&P 500 fell 26.72, or 3.47%, to 743.33. The Nasdaq dropped 53.51, or 3.71%, to 1,387.72.

Dylan Ratigan, the moderator of the show, asked the panel to focus on what trading strategies they would make in the interim while waiting for the market to recover.

Pete Najarian told viewers not to attempt to buy the bottom of anything. He said he's stayed away from the banking sector except for some of the names the panel has liked such as Morgan Stanley ( MS).

Tim Seymour said he was trading "light." "You can't really manage a portfolio" under these circumstances, he said.

Ratigan asked Adami what to make of General Electric ( GE) dipping below $8. Adami said the negative number must be coming from its financial arm because GE's infrastructure business alone is worth at least $9. He said the company probably deserves that valuation because it is doing poorly in real estate.

Karen Finerman agreed, noting the company has a huge lending book and is bogged down by a financial business that is intertwined with its other businesses.

Seymour said he found it unbelievable that the stock is yielding 14%. "It's not supposed to do that," he said.

Ratigan moved on to a healthy side of the market: the pharmaceuticals, biotech and medical devices. Najarian noted that the rejection of bids by CV Therapeutics ( CVTX) and Genentech ( DNA) underscores the amount of cash in this sector and the opportunities for growth.

Gold pulled back today after moving above $1,000 on Friday. Seymour said gold tends to struggle at $1,000 and told investors to take some profits here. "It's a dangerous place to be because there are some heavy overweight positions," he said.

Seymour also noted that steel prices are coming down in China, which he said is "terrible" news for coal and iron ore.

With tech stocks heading downward recently, Najarian said investors in tech stocks "better have some protection."

Seymour said AT&T's ( T) $1 billion's bet on a fiber optic buildout should bode well for Cisco ( CSCO).

In general, though, Seymour said technology, which had been outperforming the rest of the market, is now pulling back.

Ratigan shifted gears and returned to the troubled banking sector. Jon Najarian told Ratigan the way to deal with the toxic asset problem is to get rid of the mark-to-market accounting rule or relax it for 18 months. If that doesn't work, the banks should turn over the assets to someone like former Fed chairman Paul Volcker to handle.

Former Fed chairman Bill Siedman said he would tackle the problem by getting the bad banks out of the system and clean them up, and reviving the securitization market.

Rep. Paul (R, Wis.) said the current congressional approach to the economic slump is misguided because it relies on borrowing and spending to turn things around. He said that approach will put fiscal policy on a collision course with monetary policy and lead to inflation and higher taxes.

Carter Worth, chief market technician for Oppenheimer, used some stock charts to show a stabilizing pattern in the current lows. He said investors need to pull back from their shorts and selectively buy into weaknesses.

In the "Rising Star" segment, Seymour talked about a trading opportunity in Petrobras Energia ( PZE), the "baby bear" to Petroleo Brasileiro ( PBR).

He said PZE trades at a big discount and offers an attractive way to invest in a power energy play that also has interests in nitrogen fertilizer.

Dennis Gartman touched on a retail trading strategy, saying he would go long on Family Dollar ( FDO) and go short on Simon Property ( SPG).

In the final trades, Seymour liked Vale ( RIO) with a stop at $11.25. Adami was for Amgen ( AMGN), while Finerman was interested in call spreads for Genentech. Najarian liked Mylan ( MYL).

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

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