Cnbc Fast Money Show Stocks

'Fast Money' Recap: Taking Cover

The Dow Jones Industrial Average plunged 265.87, or 2.19%, to 11,866.62. The S&P 500 dropped 32.89, or 2.56%, to 1254.05. The Nasdaq lost 120.51, or 4.32%, to 2669.24. Joe Terranova said on CNBC 's "Fast Money" TV show today's market plunge reflected the impact of a darkening economic picture and a fundamental breakdown in investor confidence. Anthony Scaramucci attributed the selloff to a lack of confidence in government, disastrous economic data and the reluctance of S&P 500 companies to hire. He said these companies have spent two years repairing their balance sheets and are now sitting on $2 trillion in cash. "They are not moving; they are not hiring." For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV." Scaramucci said small businesses are hurting because they are reliant on a struggling housing industry. Brian Kelly said he could be bullish if there were a hint of monetary policy support to ease the situation. He said the last few weeks have undone the "wealth effect" created by two rounds of quantitative easing. Guy Adami, normally the most bearish in the panel, held out hope for a bounce in the market. He said that it can happen if the S&P can hold at 1249. He admitted, though, that it was painful to "get in the way of this locomotive." Stephen Weiss said it's probably the time to take off risk, although he acknowledged it might a little too late to take off a lot of risk. Still, he said equities, from a valuation standpoint, are the cheapest in a long time. Terranova said investors responded to the selloff by seeking shelter in gold, Treasuries and corporate bonds. He said the problem for the markets is the absence of a positive catalyst and the specter of gridlock that the debt ceiling debate created. Mike Khouw said the price of options moved higher, indicating panic in the markets. He said it's also a situation that could lead to a bounce.

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China is losing its edge. It's now cheaper to make something in Baltimore than Beijing. U.S. manufacturing is surging back! A top analyst at TheStreet has identified a small company at the epicenter of this long-term megatrend. Get its name in our free report called, "The Little- known Industrial Stock With Huge Upside Potential.

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