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] closed significantly lower by the close.The sell-off happened almost immediately after Treasury Secretary Tim Geithner took the podium and presented his revised TARP plan – now called the Financial Stability Plan.
What didn’t the market like?
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Investors were frustrated. "It's not big enough. There were few details," says Fast Money friend Joseph LaVorgna, chief U.S. economist for Deutsche Bank Securities in New York.
Lavorgna is referencing the noticeable lack of specifics in a proposed stress test that banks must pass before receiving any more aid. There was also no talk of doing away with mark-to-market accounting, something the Street was very much hoping to hear.
But, perhaps the thing the market disliked most of all -- was a proposal to set up a public-private investment fund, in partnership with the FDIC and the Federal Reserve. Investors agree that the move is designed to entice hedge funds to buy toxic assets – but little else is known.
In other words it’s still not clear how the government will value toxic assets or how they will get them off the balance sheet.
"Investors want clarity, simplicity, and resolution. This plan is seen as convoluted, obfuscating, and clouded," said James Ellman, President of Seacliff Capital in San Francisco.
“Investors went back to the old safety trade, bonds up and stocks and commodities down,” adds CNBC’s Bob Pisani.
“It was lack of visibility pure and simple,” says Bill Greiner, chief investment officer At UMB Asset Management on Fast Money. “The Street was hungry for details,” and they didn’t get them.
Is there a trade?
In case you’re wondering, Greiner counsels investors to steer clear of financials [XLF
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] for a while. “When bubbles burst they stay burst for a period of time. Don’t chase financials.”
What do you think? Tell us now.
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Trader disclosure: On Feb. 10th, 2009, 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 (TM), (SDS), (AAPL), (MS); Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Seymour Owns (AA), (BAC), (EEM), (FXI), (MOS), (MON); Seymour Is Short (PBR); Seymour's Firm Owns (VIP); Najarian Owns (CAT) Call Spread; Najarian Owns (MT) Calls; Najarian Owns (ENER) Call Spread; Najarian Owns (EEM) Call Spread; Najarian Owns (CHK) Put Spread; Najarian Owns (FCX) & (FCX) Calls; Najarian Owns (GS) Calls; Najarian Owns (GE) Puts; Najarian Owns (GDX) Call Spread; Najarian Owns (MSFT) & (MSFT) Short Calls; Najarian Owns (MS) & (MS) Short Calls; Najarian Owns (MOS) Call Spread
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes