The traders were closely watching the action in gold which dropped sharply on Monday despite a decline in stocks.
How should you play it ?
”I would not be in the gold or silver trade,” says Joe Terranova. “The better metals trade is long copper via FCX ,” he says as a bet that the global growth story remains in tact.
”I like long gold, “ says Brian Kelly. “I think central banks of the world will print money to get out of the financial crisis.”
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Trader disclosure: On Oct 31, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Nathan is long Jan puts BAC; Nathan is long Nov & Jan puts MS; Nathan is long Jan calls NFLX; Nathan is long Jan puts INTC; Nathan has long Nov puts CSCO; Kelly is long GLD; Terranova is long APC; Terranova is long F; Terranova is long AAPL; Terranova is long FCX; Terranova is long CAT; Terranova is long AXP; Terranova is long EMC; Terranova is long IBM; Finerman owns BAC; Finerman owns GOOG; Finerman owns JPM; Finerman’s firm owns AAPL; Finerman’s firm owns YHOO and short calls; Finerman’s firm owns IBM and short calls
For Brian Kelly
Shelter Harbor Capital is long VLO
Shelter Harbor Capital is long SPY
Shelter Harbor Capital is long COL
For Todd Gordon
For Dennis Gartman
Gartman is long gold
Gartman is short Euro
For Chris Verrone
For Evan Gold
For Jim Iuorio
Iurorio is long JNJ short calls
For David Greenberg
Greenberg is long CME
CNBC.com with wires.