On Monday the Fast Money pros were attempting to better understand the pullback in the market, with the Dow lower by triple digits.
Largely the sell-off was triggered by Germany's finance minister, who dragged down expectations that an upcoming summit would produce a breakthrough in Europe's debt crisis. Referring to a meeting on October 23rd, Finance Minister Wolfgang Schaeuble said "we won't have a definitive solution.”
Trader Stephen Weiss says the commentary short-circuited a market rally that had been fueled by optimism about progress in solving the euro zone crisis.
”Europe looks to be reining in expectations. That calls everything into question that rallied on comments from ‘Mer-Kozy’ last week.’
Weiss is referring to the run in materials and some banks after a slew of reports said German Chancellor Angela Merkel and French President Nicolas Sarkozy promised to unveil a comprehensive new package to ease the euro zone's debt crisis.
Weiss thinks the latest developments are just another sign that the global economy is in trouble. “– I think we’re closer to recession than not and materials should sell off.
Trader Patty Edwards feels differently. She compares the recent rally to a balloon that was over-inflated and considers Monday’s pullback a healthy thing.
”Why would you expect things just go up to the sky? I like seeing pull backs. That suggests the market is doing what it should.”
Jon Najarian agrees that the market is letting off steam. And he says as that happens he’s a buyer.
Weiss counters that the only thing that can save the market is positive news out of Europe, and he tells us, “I don’t see that happening!”
What do you think? We want to know!
GREEN MOUNTAIN & EINHORN
Shares of Green Mountain traded lower Monday after hedge fund manager David Einhorn revealed a short position in the stock.
Einhorn told an audience at the Value Investing Congress in New York that Green Mountain has poor transparency. He also said the company should improve its disclosures, and that the market for its product is smaller than people who like the stock think.
The company has been a favorite with hedge fund managers such as John Thaler of JAT Capital, in part because of the rapid growth of its Keurig single-cup coffee machines. Some people have referred to Green Mountain's single-cup brew as the iPod of the coffee industry.
But "Between the high cost of the machine and high cost of the coffee, this is a luxury item," said Einhorn.
How should you trade it?
Neither Pete Najarian nor Steve Grasso would buy the pullback.
Grasso says that Einhorn is widely followed for a reason and “People won’t get in when Einhorn says he’s getting out.”
“I wouldn’t touch the stock unless you have a flair for being in something volatile,” adds Najarian. “If you want to play coffee do it with Starbucks or even McDonald’s .
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Trader disclosure: On Oct 17, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; P. Najarian is long AAPL; P. Najarian is long C; P. Najarian is long MS; P. Najarian is long YHOO; P. Najarian is long WFT calls; P. Najarian is long WFC calls; P. Najarian is long HPQ; Weiss is short CAT; Weiss is long EUO; Weiss is long QCOM; Weiss is long HPQ; Weiss is long RIMM; Weiss is long NS; Weiss is long NIHD; Grasso owns AA; Grasso owns AKS; Grasso owns BA; Grasso owns BAC; Grasso owns D; Grasso owns KEG; Grasso owns LIT; Grasso owns MHY; Grasso owns PFE; Grasso owns PRST; Grasso owns S; Grasso owns XLU; J. Najarian owns WYNN call spreads; J. Najarian owns AAPL call spreads; J. Najarian owns LVS call spreads; J. Najarian owns WFT call spreads; J. Najarian owns SWN call spreads; J. Najarian owns EUO call spreads; J. Najarian is long CIGX; J. Najarian long CBOE; J. Najarian long CME; Edwards is long XLK; Edwards is long TQNT
For Steve Grasso
Stuart Frankel & Co and it’s partners own(CSCO)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (GERN) (HPQ)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own JPM
Stuart Frankel & Co and it’s partners own MET
Stuart Frankel & Co and it’s partners own MSFT
Stuart Frankel & Co and it’s partners own MU
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own UAL
Stuart Frankel & Co and it’s partners own XRX
For Patty Edwards
Trutina Financial is long Apple (AAPL)
Trutina Financial is long Citigroup (C)
Trutina Financial is long Google (GOOG)
Trutina Financial is long Oracle (ORCL)
Trutina Financial is long SPDR Gold Trust (GLD)
Trutina Financial is long AMZN
Trutina Financial is long QCOM
Trutina Financial is long WFT
Trutina Financial is long SWN
Trutina Financial is long KMP
Trutina Financial is long SBUX
Trutina Financial is long HAL
For Colin Gillis
For Dan Dicker
Dicker owns ETP
Dicker owns EPP
For Howard Lindzon
Lindzon is long AAPL
Lindzon is long AMZN
For Amelia Bourdeau
CNBC.com with wires.