Wall Street struggled with another day of selling as panic seemed to accelerate into the final minutes of trading.

Despite new initiatives from the Fed, trust remains elusive in this market. Mark Fisher, described as the best risk manager on Wall Street, summed it all up this way.

“Imagine this scenario. There are 100 people on the floor and you know that one of them has an incurable disease and if you touch that person you’re going to get that disease. What do you do? Unless you know who that party is you won’t touch anyone. That’s what’s going on in the market.”

That unbridled fear currently has Wall Street in its grip. And while it’s driving the market lower, people like RiverTwice Research president Zach Karabell see opportunity. “The lower the market gets the bigger the silver lining,” he says on CNBC’s Closing Bell, “because I don’t expect to see selling like this every day.”

Karabell thinks perfectly good companies are being oversold, simply out of fear. “One of them is Pfizer

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[PFE  Loading...      ()   ],” he tells Dylan Ratigan. “I’m not crazy about this company’s business model and I don’t love it fundamentally but in this environment where you have a company with a 7% dividend combined with $29 billion in cash, it looks attractive."

Or you can look at some of the infrastructure names such as Fluor

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[FLR  Loading...      ()   ] and Manitowoc

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[MTW  Loading...      ()   ] , adds Karabell on Fast Money. When China's economy cools down it grows by 8% instead of double digits. That's still real growth and it isn't going away.

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Trader disclosure: On Oct. 7, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (UUP), (DIS), (WMT), (SDS), (MCD), (MSFT); Macke Is Short (TM); Najarian Owns (AAPL) And (AAPL) Puts; Najarian Owns (BIIB) Calls; Najarian Owns (GS) Call Spread; Najarian Owns (MS) And (MS) Puts; Najarian Owns (MTW) Call Spread; Najarian Owns (NCC) Calls; Najarian Owns (NOK) And (NOK) Calls; Najarian Owns (RF), Owns (RF) Put Spread, Is Short (RF) Calls; Najarian Owns (XLF) Call Spread

Terranova Owns (AAPL), (EOG), (EXM), (FCX), (FTO), (GS), (MA), (NOV), (POT), (X), (VLO); Terranova Owns (AIG) And (AIG) Puts; Terranova Owns (MS) And Is Short (MS) Call; Terranova Is Short Crude Oil Straddle

Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.: Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC)
, Shares Of Incitec Pivot Ltd., (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE), (FSMXX); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.

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

Karabell Owns (MTW), (RIO), (FCX)

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