On Monday global markets went into an absolute tailspin after a move by the government of Greece called the entire EU bailout plan into question.
Prime Minister George Papandreou stunned the Street when he said he will put the nation's bailout deal through a referendum, potentially undoing the agreement struck last week.
In response other lawmakers staged a revolt, and called for a no-confidence vote on Friday.
And according to the New York Times should the government collapse it would not only render the referendum plan moot but could also scuttle — or at least delay — the debt deal that European leaders agreed on after marathon negotiations in Brussels last week.
Developments pushed stocks sharply lower, with the S&P now down about 5% this week.
In the past this kind of sell-off has been an opportunity? Is it again?
Strategy Session with the Fast Money traders
Trader Karen Finerman says Tuesday's action confirms her belief that the direction of US markets will be dictated Europe. However she also suggests that at some point fundamentals come into play and the whoosh lower makes some stocks attractive. "We have our (buy) list out,” she admits.
“Google around $560 would be interesting and Cummins in the low 90’s would get my attention."
Joe Terranova thinks because the market is moving so quickly money pros who are otherwise bullish feel compelled to sell and then re-position. He agrees that it will probably soon be time to re-establish longs, however he’s not ready to pull the trigger just yet. He’s looking for a point of reference.
”1183 looks like the line in the sand,” he says. He suggests watching how the market acts at or near that level and placing bets accordingly.
Terranova isn't the only one focussed on the 1190 - 1180 range.
"If we can't hold the 50-day, which is around 1,190, it wouldn't be a very good technical picture," says Ari Wald, an analyst at Brown Brothers Harriman in a Reuters interview.
Trader Pete Najarian suggests closely watching the Materials ETF; he's spotted a large volume of put buying - "all the way from the December 34's to the December 27's." It's unclear whether investors are making downside bets or if the action is protective put buying.
However the move in materials may be quite telling, says Najarian, considering materials along with energy and industrials drove the S&P to its bull market high earlier in the year.
Got something to to say? Send us an e-mail at firstname.lastname@example.org and your comment might be posted on the Rapid Recap. If you'd prefer to make a comment but not have it published on our Web site send those e-mails to email@example.com.
Trader disclosure: On November 1, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Terranova is long APC; Terranova is long F; Terranova is long AAPL; Terranova is long FCX; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long IBM; Adami Owns AGU; Adami Owns C; Adami Owns GS; Adami Owns INTC; Adami Owns MSFT; Adami Owns NUE; Adami Owns BTU; P. Najarian is long AAPL; P. Najarian is long AKS; P. Najarian is long C; P. Najarian is long WFC; P. Najarian is long MS; P. Najarian is long INTC; P. Najarian is long MSFT; P. Najarian is long FCX calls; P. Najarian is long F calls; P. Najarian is long PFE; P. Najarian is long MRK; Finerman owns AAPL; Finerman owns BAC; Finerman owns MSFT; Finerman owns GOOG; Finerman’s firm owns AAPL short calls; Finerman’s firm owns JPM; Finerman’s firm owns YHOO short calls; Finerman’s firm owns IBM short calls; Finerman’s firm owns MSFT; J. Najarian is long DB; J. Najarian is long CBOE; J. Najarian is long CME; J. Najarian is long CIGX; J. Najarian is long MDR; J. Najarian is long MSFT; J. Najarian is long AKAM call spreads
For Fred Cannon
KBW expects to receive or intends to seek compensation for investment banking services from MF Global in the next three months. KBW currently makes a market and/or acts as a liquidity provider in MF Global securities
For Jim Bianco
For Tom Porcelli
For Jeremy Wien
For Jake Zamansky
CNBC.com and wires