The markets slid Monday on investor jitters over the financials. The Dow Jones Industrial Average lost 155.88, or 1.82%, to 8.418.77, while the S&P 500 fell 19.99, or 2.15%, to 909.24. The Nasdaq was down 7.76, or 0.45%, to 1,731.24.
Guy Adami said on CNBC's "Fast Money" TV show that today's market action left him skeptical of the rally. He said noted banking analyst Meredith Whitney's negative comments on bank stocks talked down another 60 to 70 points in the Dow. He sees the S&P falling to 875 if the index closes below 900. Jeff Macke called the $4 rise Friday in Wells Fargo ( WB) a unhealthy sign for the markets. He told viewers to pace themselves during this pullback. "You can still be bullish and wait on the sidelines," he said. Seymour agreed, saying the tape is intact. "You don't have to react to this in a major way," he said. Pete Najarian said the slew of bank secondary offering announcements today fared well. He said the worry is when one of these offerings don't and the stock gets "smacked" down. Melissa Lee, the moderator of the show, shifted the discussion to the technology stocks, which were down slightly today. Adami reminded viewers that his technical trade of Intel ( INTC) has been working. If investors had followed his advice and got in when it traded at $15, they would have pocketed the gain when it rose to $15.64 today. "If you caught any of that trade, that's a great trade," he said.