'Fast Money' Recap: Slipping Quickly

Stock quotes in this article: FXP , WFC , HD , AAPL , ANSS , SY , ADB , XOM  

NEW YORK (TheStreet) -- The markets plunged Monday from a global selloff of stocks and commodities.

The Dow Jones Industrial Average fell 186.06, or 2%, to 9135.21.40, and the S&P 500 dropped 24.36, or 2.345%, to 979.73. The Nasdaq lost 54.68, or 2.75%, to to 1930.84.

Guy Adami said on CNBC's "Fast Money" TV show that today's correction is the start of "something bigger." He sees the S&P heading to 970 with the possibility of it slipping to 905 in "a blink of the eye."

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

Seymour said he thinks the pullbacks will be shallow. Looking at the data coming in, people are seeing the fourth quarter as a pullback to where things were before the second quarter, with a lot of questions about growth, he said.

Karen Finerman said she didn't sense panic in the market. Rather, she thought the trading was orderly and reiterated her belief that the correction is a healthy one for a market after the recent rapid run-up.

Seymour wondered whether the move to the downside was accelerated by the buying of index puts.

The selloff was triggered by events in Asia, with the Shanghai composite index dropping 6%. Seymour said Japan, which reported a 3.7% GDP growth rate last week, faces real problems if the China market dries up. He said Japan's domestic consumption, which accounts for 70% of its economy, is dead.

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