The bloodletting continued today as the Dow Jones Industrial Average  plunged another 120 points. When all was said and done, the blue-chip meausure lost more than 4% on the week. The scary part is that no one is exactly sure why. In such an uncertain and potentially treacherous environment, what's your next move?

Before we go any further, you should know that CNBC’s Erin Burnett filled in for Dylan Ratigan tonight. (We call her “The Heiress.” As Guy Adami said “Heir to what I don’t know?”) 

Jeff Macke said, "The market is selling off. And things are going to get worse. I expected a little bit of a bounce, but we closed on the lows of the week. My favorite trade right now is Hewlett Packard which will continue to benefit from stumbles by its main competitor, Dell ."

Strazzini said, "The trade is large cap names. Stick in the high quality names, the Dow names."

Guy Adami said, "Lockheed and Boeingare two names that came to mind today because they look good in any type of market. "March," he said, "is going to be brutal.  But in April, I see new highs for the market."

Eric Bolling added that he’s optimistic long term, but he expects to see a second leg down. "It could be as much as 500 points.  My intuition is that on Monday, in Asia there will be a sell-off.  He says stay short on the NASDAQ index futures. "

Steve Liesman dropped by the set. He said with oil flat and gold down the brokers are the ones who took it on the chin. "It’s the brokers that were taken down. This was a financial meltdown not an economic meltdown.

Tim Strazzini added that in the next couple weeks we have a lot of volatility coiled into the market. The market could easily be down another 10%.

The bottom line is that our traders think we could get another leg down but none of them are bears, none of them say it’s time to panic.

Trader disclosure:
On MAR 2, 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders.
Strazzini: Gold,(MER), WMT, YHOO
Bolling: Gold, Silver, Soybeans, short Corn, (NMX), (ICE), short Nasdaq, short S&P Futures

Questions? Comments?