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FM IN-DEPTH: Correction Playbook – Stocks

Published Thu, Aug 4 20117:02 PM EDTUpdated Thu, Aug 4 20117:43 PM EDT

By Thursday’s close, all the bulls could do was curl up and lick their wounds after a free fall in stock prices sent investors running for the exits.

In fact, by the end of trade, Wall Street had put in its worst day in over a year with the S&P more than 10% lower from the May 2nd high of 1370 – that officially puts the US stock market in correction territory.

Whenever markets make sharp moves such as this, Fast Money always tries to bring you insights from a wide range of pros that may help you navigate the chaos and confusion.

Following are the gang’s thoughts on ….. (stocks). Or click below for the impact on another area:

Stocks

Trader Tim Seymour thinks investors should view the sell-off as an opportunity to make a hot list. “There are a lot of stocks that I want to buy,” he says, However, he admits he’s not ready to pull the trigger just yet.

Karen Finerman is ready. “I’m also making a list,” she says. And she's taking a hard look at Mosaic . "I don't believe it's 8% less valuable today than it was yesterday," she says. And she's also a strategic buyer of Manitowoc as well as Ingersoll Rand.

Trader Joe Terranova tells the desk he’s a buyer of technology. "It's the only sector I'd buy in a falling tape. “He suggests EMC, Google and VMWare .”

Trader Guy Adami suggests longWalter Energy below $80. "There's still a lot of cash on balance sheets and now with the market cap of $4.5 billion, Walter could easily be a takeout target," he says.

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Trader disclosure: On Aug 4, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (AAPL); Seymour owns (BAC); Finerman owns (AAPL); Finerman owns (BAC); Finerman owns (JPM); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU); Terranova owns (VRTS); Terranova owns (LQD); Terranova owns (IBM); Terranova owns (FCX); Terranova owns (CVI); Terranova owns (AAPL); Terranova owns (GS); Terranova owns (GOOG); Terranova owns (XOM)

For Karen Finerman
Finerman’s firm owns (AAPL)
Finerman’s firm own (BAC) leaps
Finerman’s firm owns (JPM) stock and (JPM) leaps
Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (MDY)
Finerman's Firm Is Short (SPY)
Finerman's Firm Is Long S&P 500 Puts
Finerman's Firm Is Long Russell 2000 Puts

For Joe Terranova
Terranova is Chief Market Strategist of Virtus Investment Partners, LTD
Virtus Investment Partners Owns More Than 1% Of (ABAX)
Virtus Investment Partners Owns More Than 1% Of (AMKR)
Virtus Investment Partners Owns More Than 1% Of Building Materials Holdings
Virtus Investment Partners Owns More Than 1% Of (CASS)
Virtus Investment Partners Owns More Than 1% Of (CSVI)
Virtus Investment Partners Owns More Than 1% Of (EXR)
Virtus Investment Partners Owns More Than 1% Of (FCFS)
Virtus Investment Partners Owns More Than 1% Of (KRC)
Virtus Investment Partners Owns More Than 1% Of (LDR)
Virtus Investment Partners Owns More Than 1% Of (LHO)
Virtus Investment Partners Owns More Than 1% Of (NRCI)
Virtus Investment Partners Owns More Than 1% Of Sun Pharmaceutical Industries Ltd
Virtus Investment Partners Owns More Than 1% Of (DBV)
Virtus Investment Partners Owns More Than 1% Of (RLI)
Virtus Investment Partners Owns More Than 1% Of (XLB)
Virtus Investment Partners Owns More Than 1% Of (XLV)
Virtus Investment Partners Owns More Than 1% Of (XLP)
Virtus Investment Partners Owns More Than 1% Of (XLE)
Virtus Investment Partners Owns More Than 1% Of (XLF)
Virtus Investment Partners Owns More Than 1% Of (XLI)
Virtus Investment Partners Owns More Than 1% Of (XLK)
Virtus Investment Partners Owns More Than 1% Of (XLU)
Virtus Investment Partners Owns More Than 1% Of (SUBK)
Virtus Investment Partners Owns More Than 1% Of (WDFC)
Virtus Investment Partners Owns More Than 1% Of (YDNT)
Virtus Investment Partners Owns More Than 1% Of Domino's Pizza UK & IRL PLC

For Brian Kelly
Accounts Managed By Brian Kelly Capital Own (TLT) calls
Accounts Managed By Brian Kelly Capital Own (GLD) calls
Accounts Managed By Brian Kelly Capital Own (SLV) calls
Accounts Managed By Brian Kelly Capital Own (VIX) calls
Accounts Managed By Brian Kelly Capital Own (SDS)
Accounts Managed By Brian Kelly Capital are short (UGA)
Accounts Managed By Brian Kelly Capital are short (JJC)
Accounts Managed By Brian Kelly Capital are short the Euro
Accounts Managed By Brian Kelly Capital are short the Swiss Franc

Jens Nordvig
** No disclosures

Chris Whalen
** No disclosures

For Anthony Scaramucci
SkyBridge Capital Is A Fund Of Funds Manager
Funds Held May Or May Not Own The Recommended Securities
Scaramucci Is One Of 8 National Finance Chairs For Mitt Romney Campaign
Scaramucci held a fundraiser for Mitt Romney

CNBC.com with wires.