Earnings jitters spooked the markets Tuesday as they sank for the second day. The Dow Jones Industrial Average fell 186.29, or 2.34%, to 7,789.56, while the S&P 500 lost 19.93, or 2.39%, to 815.55. The Nasdaq dropped 45.10, or 2.81%, to 1,561.61. Jeff Macke said on CNBC's "Fast Money" TV show, said that it seemed very buyer left in the last 12 minutes of trading, with a huge rollover in names like Goldman Sachs ( GS). He said the trading action was bizarre and trading volume thin, with people running out "out of reasons to buy." Joe Terranova said the market is consolidating. "It looks like we are taking a pause in the recovery rally." Melissa Lee, the moderator of the show, noted that the VIX didn't budge from 40 for the entire session. Karen Finerman said she didn't know what to make of the VIX these days. She said she didn't know whether it might be due to a disconnect between the equities, which have enjoyed a big run, and the debt markets, which haven't. Finerman said the first quarter earnings are not as important as what guidance companies offer going forward. Terranova said he thinks the VIX was elevated on concerns of how much capital banks will need. Shares of Mosaic ( MOS) sank in after-hours trading after it misses sales and profits estimates. Tim Seymour said the price action on Mosaic shows the space is under pressure for growth. He said global demand is not where it is. He said Mosaic was hurt by a year-over-year comparison in which it was coming off a "tremendous" year-ago quarter.