The Dow dropped by triple digits and the S&P 500 slid to its lowest level since late July on Wednesday.
In fact, the Dow has erased 1000 points in only the last month and the Nasdaq 100 officially hit correction territory down 10% from its recent peak.
Many investors believe its uncertainty surrounding the fiscal cliff that's dragging down the markets. Without a compromise, a series of mandated tax hikes and spending cuts will start to take effect early next year that could push the U.S. economy into a recession.
And in his first press conference since re-election, President Obama held to his position that he planned in increase tax rates for families who make over $250,000.
"That makes good headlines," said Fast Money trader Guy Adami. "I'm sure you'll hear that on the 6pm news."
But Adami added that pros don't see the market that way. Pros believe "there's a lot more to it," said the managing director of stockMONSTER.com.
"There's been a slowdown in earnings. Also, the problems in Europe are deteriorating. It seems that Germany and France are getting dragged into the morass."
Also, "China is slowing and there are geo-political risks," he said, such as the Gaza attack.
That's why the market is selling off so sharply.
Trader Tim Seymour agreed.
And to make matters worse techincals are terrible, said Seymour who is founder of EmergingMoney.com. Lately the market has been trading very technically.
Trader Brian Kelly, founder of Shelter Harbor Capital, added that the bond market confirms the fear. "People are pulling money out of the capital markets but they're not putting it into bonds, the bond market is flat." That kind of price action suggests people are simply scared.
Of course, Warren Buffett often says be greedy when others are fearful. And trader Karen Finerman, president of Metropolitan Capital, thinks investors should heed his advice.
"I'm looking for things to buy," she revealed.Realogy is on my list and so is JPMorgan."
OptionMonster Jon Najarian said that the fiscal cliff certainly isn't helping matters. "The cliff is compounding the problem," Najarian said. "They've got to do something."
Posted by CNBC's Lee Brodie
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Trader disclosure: On November 14, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders; Scott Nations is long BAC; Scott Nations is long BAC CALLS; Scott Nations is long C; Scott Nations is long YHOO; Scott Nations is long SPY; Scott Nations is long S&P VOLATILITY; Tim Seymour is long AAPL; Tim Seymour is long BAC; Tim Seymour is long INTC; 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; Brian Kelly is long EWT; Brian Kelly is long SMH; Brian Kelly is long OIL; Brian Kelly is long EPV; Brian Kelly is long BRENTOILFUTURES; Brian Kelly is short EUROSTOXX FUTURES; Brian Kelly is short YEN; Karen Finerman is long AAPL; Karen Finerman is long BAC; Karen Finerman is long JPM; Karen Finerman is long WMT; Karen Finerman is long TGT; Karen Finerman is long MSFT; Karen Finerman is long GOOG; Karen Finerman is long EBAY; Karen Finerman is long M; Karen Finerman is short JCP; Karen Finerman is short SPY; Karen Finerman is short IWM; Karen Finerman is short SPY
CNBC.com and wires