On Wednesday disappointing earnings sent stock market investors running for the exits stopping a two-day comeback dead in its tracks.

Troublesome results, especially from transportation companies such as CH Robinson, generated a huge head wind -- investors took a decline in shipments as a sign the global recovery may be faltering.

Also, Pfizer led a broad decline in health care after the world's biggest drugmaker said quarterly earnings missed estimates and forecast profits below expectations.

In addition, the ISM number came in below expectations – though it did increase from the month before.

Is the correction back on? What should you be watching?

Instant Insights with the Fast Money traders

I’m watching the action in copper , says Joe Terranova. The metal pushed below the psychologically important $3 level. Heavy selling pressure has entered the commodity space and as a result the market has lost an underpinning of support from commodities.

I’d be a seller of coal names on the ISM number, says Brian Kelly of Kanundrum. ISM results tell me that inventories are too high. That, in turn, is a sign the economy is slowing and in that case people use less electricity.

I'd watch Goldman Sachs, says Scott Redler of T3. Lately it's been a great barometer for the market, As it attempts to reclaim it’s 200-day level of $160 I’d look for the stock to turn lower. And I think a turn lower in Goldman is a signal the broad market is about to turn. At 1125 in the S&P, I’d lay my shorts.

I’m seeing a lot of downside put selling in the bank sector, says Jared Levy of Peak6. But I think that’s bullish. I don’t think we see major sweeping changes in legislation and the put buying is protection.

I’m watching the Dow Transports , says Mike Gurka. We are below the 100-day moving average of 3986. I think there’s an idea creeping into the market psyche that suggests things could get uneasy.

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MARKET BUZZKILL: PFIZER

As we mentioned above, Pfizer led health care lower largely due to a forecast that fell below Street expectations.

What’s the health care trade?

Over the next month I think we see choppiness in health care, counsels Brian Kelly, I think there will be buying opportunities down the road but I'd wait for the market to learn and digests what health care reform is all about.

I disagree, says Joe Terranova. I’m a buyer of Pfizer right now on the dip.

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TOYOTA TROUBLES DEEPEN

Shares of Toyota tumbled on Wednesday after Transportation Secretary Ray LaHood said drivers of recalled Toyotas should stop driving them – and immediately bring them to a dealer for service.

Over 2 million Toyotas have been recalled due to a potentially defective accelerator pedal.

What’s the trade?

Don’t buy the dip. I’d wait and see how it all plays out before I establish a position in Toyota, says Mike Gurka.

These developments should be bullish for Ford but I’d play it downstream with Johnson Controls , counsels Joe Terranova.

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TAKE YOUR POSITION: CISCO

Investors are keeping a close eye on Cisco, which reports earnings after the bell, Wednesday. Because Cisco is widely considered a bellwether results could either ignite a rally or trigger a broad market sell-off.

How should you trade?

I think a good earnings report triggers a good response in the stock, says Joe Terranova.

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CALL THE CLOSE

Brian Kelly: I’m a buyer.

Scott Redler: I’m a selective buyer.

Mike Gurka: I’m a buyer.

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Trader disclosure: On February 3rd, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Kaminsky Owns (LULU) June Puts; Pete Najarian Owns (AAPL) Call Spread; Pete Najarian Owns (AKAM) Call Spread; Pete Najarian Owns (INTC) Calls; Pete Najarian Owns (MGM) Call Spread; Pete Najarian Owns (MS), Is Short (MS) Calls; Pete Najarian Owns (QCOM) Call Spread; Pete Najarian Owns (X) Call Spread; Pete Najarian Owns (XLF) Calls; Pete Najarian Owns (YUM) Call Spread; Terranova Owns (BAC), (JPM), (OIH), (FCX), (GOOG), (EMC), (AAPL), (DELL), (MSFT), (QCOM)

For Joe Terranova:
Terranova Works For (VRTS)
Terranova Is Chief Market Strategist Of Virtus Investment Partners, Ltd.
Virtus Investment Partners Owns More Than 1% Of (CLB)
Virtus Investment Partners Owns More Than 1% Of  (DLR)
Virtus Investment Partners Owns More Than 1% Of  (EXR)
Virtus Investment Partners Owns More Than 1% Of  (IGE)
Virtus Investment Partners Owns More Than 1% Of (XLY)
Virtus Investment Partners Owns More Than 1% Of  (DBV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of  (XLB)
Virtus Investment Partners Owns More Than 1% Of  (XLI)
Virtus Investment Partners Owns More Than 1% Of  (SKT)

For Dennis Gartman:
Funds Managed By Gartman Own (SU), Are Short Crude Oil
Funds Managed By Gartman Are Long Australian Dollars, Canadian Dollars; Are Short Euro, Yen, British Pound Sterling
Funds Managed By Gartman Own Gold Futures, (GLD); Are Short British Pound Sterling
Funds Managed By Gartman Own (DRI), (PNRA), (BWLD)
Funds Managed By Gartman Are Short (MT), (NUE)
Funds Managed By Gartman Are Short (MOS)

For Paul Latta:
Latta Owns (SBUX)

Other Relevant Disclosures:
Jon Najarian Owned (KCI) Today

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