Terranova said that he was watching Apple to see if it "can find its trough."
Not ready to call the bottom, he said, "I think we're stabilizing, but I think we need more evidence tomorrow."
Drakon Capital's Guy Adami said he was looking at 1,379 as a level of support in the S&P 500, and saw a potentially positive sign.
"The fact that the VIX is as down as sharply as it is gives me some reason for optimism," he said.
(Read More: 'Beginning of a Bull Market' for Apple: Porter Bibb)
OptionMonster.com's Pete Najarian said he was looking for pharmaceutical stocks, which were oversold last week in some cases, and financials.
Trader disclosure: On Nov. 12, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long AGU; Guy Adami is long MSFT; Guy Adami is long NUE; Guy Adami is long BTU; Pete Najarian is long AAPL; Pete Najarian is long INTC CALLS; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long DIS; Pete Najarian is long LLY; Jon Najarian is long AAPL CALL SPREADS; Jon Najarian is long FB CALL SPREADS; Jon Najarian is long GS CALL SPREADS; Jon Najarian is long WMT CALL SPREADS; Jon Najarian is long SPY CALL SPREADS; Jon Najarian is long NFLX CALL SPREADS; Jon Najarian is long CBOE; Jon Najarian is long CME; Jon Najarian is long STSI; Jon Najarian is long GLUU; Jon Najarian is short puts in AGQ; Jon Najarian is short puts in GLD; Jon Najarian is short puts in SLV.
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