NEW YORK ( TheStreet) -- Stocks were mostly flat Tuesday as the latest round of earnings reports was a mixed bag and commodities, especially oil and silver, sold off. The Dow Jones Industrial Average settled up less than a point at 12,807, while the S&P 500 slipped 4.6 points, or 0.3%, to 1356. The Nasdaq Composite was hit hardest, dropping 20 points, or 0.8%, to 2842. On Monday all three indexes reached 52-week highs. For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."
Melissa Lee, the moderator of CNBC's "Fast Money" show, began Tuesday's show asking panel members to weigh in on silver's crash -- the biggest drop in two years -- after the Chicago Mercantile Exchange again lifted margin limits. Brian Kelly said he still believes in the silver trade, that the fundamentals are still in place, but Guy Adami saw volatility as a problem, saying you will get "chopped up" if you try to daytrade silver. Being overweight commodities was a concern for Joe Terranova, who advised that investors might want to rethink that position, given the trading action this week. Zachary Karabell of River Twice Research joined the conversation, saying he believes it's too soon to call for the end of the silver trade because this pullback has happened too fast. He felt it was possible the metal could yo-yo back up just as quickly, and said he's not willing to step aside completely just yet. Guy Adami countered that, with the speculators out, the silver trade has changed completely. He said he would look to come back in the mid-30s. Silver prices fell another $3.49 to $42.58 an ounce and almost breached the $40 level in after-hours trading on Tuesday as the CME raised margin requirements for the third time in a week. Brian Kelly thought the silver miners were worth a look next, saying that when he chose to increase exposure to silver, it would be through names like Silver Wheaton ( SLW) or the Global X Silver Miners ( SIL) ETF. Joe Terranova believes silver's sell-off reflects a shakeout of the weaker hands in the market, but he felt there was still some speculative interest out there, and that investors who are long in silver are likely just paring back positions.