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Are Markets Breaking Down, or Finding a Floor?

On Monday investors were trying to make sense of the massive Wall Street sell-off with both the Dow and S&P closing sharply lower.

Top hedge fund manager Anthony Scaramucci thinks the market has already priced in the general lethargy of the Congress. In other words, he doesn't expect declines to get a lot worse.

Trader Scott Nations adds that recent activity in the options market suggests Scaramucci may be right. "People seem to be punting to the upside," he says.

Looking at the technicals, trader Guy Adami’s thinks the S&P bounces between an 1180 low – 1220 on the high. “That’s your range,” he says.

Other technicians says the next level of support should be 1,187, representing the 61.8 percent retracement of the 2011 high to low slide.

Oppenheimer analyst Carter Worth tells us the worst case scenario is probably 1165. “I don’t see anything individual charts that suggest anything worse than that.”

What do you think? We want to know! (if the poll below isn't visible please write your comments in the comments area on the bottom of the page)

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Trader disclosure: On Nov 21, 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 is long AAPL; Seymour is long BAC; Adami owns C; Adami owns GS; Adami owns INTC; Adami owns AGU; Adami owns NUE; Adami owns MSFT; Adami owns BTU; Kelly is long AAPL; Kelly is long GOOG; Kelly is long GLD; Kelly is long IBM; Kelly is long STD; Kelly is long CLF; Kelly is short Yen; Kelly is short Mexican Peso; Nations is long SPY; Nations is long call spreads AMZN; Nations is long S&P volatility

For Anthony Scaramucci

Anthony Scaramucci is one of 8 national finance chairs for Mitt Romney campaign
SkyBridge Capital Is A Fund Of Funds Manager
Scaramucci held a fundraiser for Mitt Romney ; Scaramucci contributed to the Romney campaign

For Mike Murphy
No disclosures

For Jeff Hirsch
No disclosures

For Brian White
No disclosures

For Greg Zuckerman
No disclosures

For Larry McDonald
No disclosures

For Carter Worth
No disclosures



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