A pullback in the financials and the plunge in the dollar dealt a blow to the markets Wednesday.
The Dow Jones Industrial Average lost 85.78, or 1.15%, to 7,400.08, while the S&P 500 lost 10.31, or 1.3%, to 784.04. The Nasdaq fell 7.74, or 0.52%, to 1,483.48. Pete Najarian said on CNBC's "Fast Money" TV show that the market took a breather after an impressive run-up by the financial and industrial stocks. Tim Seymour said the plunge in the dollar in the past few days has caused investors to shift to the commodities. "The re-inflation trade is back on," he said. Guy Adami added gold has snapped back while crude oil settled at $51.61 a barrel. Adami still thinks the S&P can make a move to 900 without the leadership of the financials. "If the financials can move sideways, other groups can take us higher," he said. Najarian commented on the "incredible run" in the tech space. He said Oracle ( ORCL) exploded today because the expectations were for it not to produce. But he said the company continues to produce, with its software line still working for them. Adami, though, said the Oracle trade is over after going up more than 12% in the past two days. He said its guidance for the next quarter calls for new software licenses to be down 17% to 27%. Pharma stocks were lower today as the industry group reported a slide in sales in 2008. Najarian said the issue for most of these pharmas is the expiration of valuable patents in 2010. On that note, Adami singled out Abbott Laboratories ( ABT) as the exception in that group because its patents don't expire until 2016.