Expect The Unexpected

In this market you should expect the unexpected. Standard & Poor's on Monday cut its ratings on Washington Mutual into junk territory, citing exposures the bank has to bad mortgage debt and volatile markets.

And according to Dow Jones, “Wells Fargo on Monday said it will record a non-cash charge to third-quarter earnings from its investment in Lehman Brothers The financial services company didn't estimate the size of the charge.”

Trade Tomorrow: Fed Cut?
Trade Tomorrow: Fed Cut?   

The news caught the Fast Money gang by surprise as well as strategic investor, Dennis Gartman. “It’s amazing to me that we didn’t know Well Fargo had this exposure. I’m concerned," he says.

"The people who are culpable are the ratings agencies. Suddenly they’re telling us we have a problem. Where were they two years ago when the mortgages were being made?” asks Gartman rhetorically.

How do you trade?

I have a fairly large position in McDonald’s, he says. I’m short the stock market in equal amounts. I’m as neutral as I can get. I’m small and going to get smaller.

In a month we should be fine, he adds. But getting won’t be easy.

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Trader disclosure: On Sept 15, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (TTWO), (MSFT); Adami Owns (AGU), (BTU), (C), (GS), (MSFT), (INTC),( NUE); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (AMGN) Call Spread; Najarian Owns (MS) And (MS) Collar; Najarian Owns Owns (NOK) And Is Short (NOK) Call; Najarian Owns (RIMM) Call Spread; Najarian Owns (TSO) Call Spread; Najarian Owns (WB) Puts; Najarian Owns (XLF) And (XLF) Collar; Terranova Owns (NOV), (X), (POT), (FCX), (EOG), (AAPL), (GS), (KOL), (VLO), (SA); Terranova Owns (AIG) Puts And Owns (AIG)

Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.: Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights

Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)

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