No.1 - What Goes Up...

After a monthlong run where all the stock market did was go up, the partying finally caught up to us. By the closing bell, the DJIAposted a triple digit decline. The question now is: is this just a bump in the road or the end of the line?

Strategic investor Dennis Gartman of “The Gartman Letter” joins the conversation via satellite from Virginia. He’s bearish going into Friday.

Dylan asks “How do you interpret the sell-off?”

Gartman says the dollar got stronger and gold got weaker Thursday, signaling a change in the demeanor of the market. He calls Thursday’s selling a different style of psychology.

Gartman adds that he’s cautious going forward because he believes some trends were broken Thursday. He says if the market doesn’t bounce by 10:30am, it will head lower through the afternoon.

“Are you looking for a sharp correction?” asks Jeff Macke.

The S&Pcould get down to 1470 says Gartman. And the Dow could go 150-200 points lower.

“Then, what’s the trade in this environment?” asks Dylan.

Gartman says he’s selling steel stocks such as Nucor (NUE) and he’s short some of the grain makers such as Bunge (BG).

"What’s your tell?" asks Dylan.

Volume replies Gartman. If volume is strong on a down move the S&P will fall to 1470 faster than Wall Street thinks.

Eric Bolling agrees. He says from a technical standpoint if the S&P and NASDAQ make new lows there will be volatility to the downside.

Tim Strazzini agrees that investors should be cautious, but doesn’t think they need a bearish or taking a really defensive position going into the next month or two.

Guy Adami thinks this sell-off could present buying opportunities. He likes railroads, specifically CSX Corp. (CSX) and Union Pacific (UNP), but adds that investors should wait until shares dip about 4%.

Jeff Macke says if investors are feeling pain today, then they’re too long stocks. We’ve just come off a fantastic bull run!

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Trader disclosure: On May 10, 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 (SWY), Strazzini Owns (CBS), (HLT), (MER), (WMT (JBLU), (YHOO);Bolling Owns Gold, Silver Bolling Is Short S&P Futures, Bolling Is Short Nasdaq Futures; Gartman Is Short (NUE), Gartman Is Short (BG)