Fast money starts right now.

Live from the Nasak market site overlooking New York City's Times Square.

I'm Melissa Lee.

Craters on the desk or Carter Worth, Tim Seymour, Dan Nathan and Guy Dahmy.

Tonight on Fast, a major sell-off to wrap up the week. The top strategist

Tom Lee says, don't worry, a 10% rally into your end is still in the cards. He will be

here to explain. Plus, the transport's getting slammed down nearly 2% today, but one traders make a

contrarian call on one of the biggest losers in the group, he will explain.

We start with the market sell off the Dow dropping 500 points, the S&P and Nazac also down 2%.

As a selling at the year end continues to pick up steam

as worries about global growth slowdown

continuing to hit the markets,

it's really been a winter wipe out,

the S&P 500 back in Correction Territory down nearly 12% from the September

highs and closing just pennies below that key 2,600 level, its lowest level since April.

So, is it all downhill from here and what

should you do? Guy Dahmy. All downhill from here. No it's not all downhill from

here but there's I think there's further room to the downside. Steve Grasso's talked

about 2530 in the S&P, that's 70-ish handles from here. What is that 2, 2.5%. I don't think

that's unreasonable thinking you can test it and maybe you see from there

Tom Lee's 10 percent it's getting a little late in the year for that but one

never knows I think listen Tim's been on this Dan I know Carter's been

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