NEW YORK ( TheStreet) -- The markets ended in the red Wednesday spurred by a drop in oil prices, a decline in Chinese stocks and a weak Treasury auction.

The Dow Jones Industrial Average fell 26.00, or 0.29%, to 9070.72, while the S&P 500 lost 4.47, or 0.46%, to 975.15. The Nasdaq rose 7.75, or 0.39%, to 1967.76.

Pete Najarian said on CNBC's "Fast Money" TV show, that upside call speculation and put protection kept the market where it is now. He said the protection is holding investors from a selloff.

Joe Terranova said the market is hanging in there, despite having to digest a lot of negative news in the last three to four days.

For a breakout of some stocks mentioned recently in "Fast Money," check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Tim Seymour said the first cracks in China have started to appear and that had an impact on the markets. The Shanghai composite index fell 5%.

Terranova said most of the money was made on the short side. He said the oil and resource names rolled over because of a rising dollar.

Rick Santelli, the moderator of the show, asked the panel where oil is heading. Guy Adami said crude is heading to the sub-$60 range. Seymour said it was clear going into earnings that the integrated oil companies were going to suffer but what wasn't clear until today was how bad the refining numbers were going to be.

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