'Fast Money' Recap: Market Angst

NEW YORK ( TheStreet) -- The markets were mixed Thursday as debt worries deepened.

The The Dow Jones Industrial Average fell 62.44, or 0.51%, to 12,240.11. The S&P 500 dropped 4.22, or 0.32%, to 1300.67. The Nasdaq was up 1.46, or 0.05%, to 2766.25.

Most of CNBC's "Fast Money" TV show focused on the eleventh-hour moves to get the Boehner bill passed in the House to reduce the budget deficit and institute spending cuts.

Guy Adami said he was surprised that the S&P didn't move higher today on expectations of a deal.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Steve Grasso said he is certain that a deal is going to get done. "Anyone educated in the markets knows it's going to get done."

Joe Terranova said the problem lies not so much in the credit markets, which he sees performing well, but in the equity markets. He said the markets are pricing in a downgrade in U.S. debt because they don't believe that it's possible to enact legislation to reduce the long-term deficit by $4 trillion over a decade.

Terranova said the prospects of a summer rally from a wave of solid earnings has been negated by the string of press conferences in Washington over the state of the debt crisis.

Najarian said investors are "frustrated," adding they "don't like to watch how sausage is being made" and see "how stupid and argumentative these people can be."

Ron Isana said the markets are not acting like they were in 2008. He said there hasn't been a sharp decline in the markets or a crash in the dollar, adding the level of complacency has been unusual.

Najarian said big players in the options markets have been making huge bets that volatility could double in the next week to 10 days.

Dennis Gartman said he was going to stay away from anything connected with the U.S., including the dollar, bonds and equities. He said there are so many other trades investors can get into such as getting long gold and shorting currencies.

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