Fast Money

Monday - Friday, 5:00 - 6:00 PM ET
Fast Money

The Markets Get Crushed

The headline: Dow Drops 199 Points as Bond Yields Climb the Most in a Year

The word: Dylan Ratigan explains that the culprit for today's market wreck was higher interest rates. He says the 10-year yield climbed above 5% for the first time in nearly a year and bond guru Bill Gross anticipates it going to 6.5%.

Dennis Gartman, strategic investor and author of the Gartman Letter joins the guys for this conversation.

Trade School

Gartman says once interest rates on the 10-year went above 5%, projects that private equity thought might be viable become non-viable. Although Gartman thinks we’re in a long-term bull market, he says the Dow could drop another 500-600 points. He adds corrections usually take 2 – 3 weeks.

Friday morning Gartman expects the stock market to open higher but if there’s weakness around 10am he anticipates another bout of selling.

What’s your first trade of the day on Friday?

Gartman says he’s long Athabasca Minerals (ABM) and Apple (AAPL) and some of the Canadian natural gas funds. And he’s long SHORT DOW 30 PROSHARES TR (DOG) and UltraShort S&P500 ProShares (SDS).

Eric Bolling tells the panel this morning he was short S&P and NASDAQ but when Google (GOOG) turned positive he sold some of his short position in the NASDAQ.

Pete Najairan expects the selling to last a while, volatility is back in the market, says Pete.

Jeff Macke tells investors if they’re concerned about weakness, sell equities rather than try to hedge the volatility.

Word On The Street

Got something to say? Send us an e-mail at and your comment might be posted on the Rapid Recap! Prefer to keep it between us? You can still send questions and comments to .

Trader disclosure: On June 6 2007, 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 (JWN), Najarian Owns (AMD),(.VIX),(AMTD), (AAPL), (NFLX), (NVDA); Bolling Owns (T), (ICE), (NMX), (MPEL); Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; Bolling Is Short (FXI) And Owns (FXI) Puts;

Gartman Owns (AAPL), (DOG), (SDS)