Once again, investors went running for the exits as headlines out of Europe reminded Wall Street that overseas financial woes may again be spinning out of control.The S&P traded sharply lower and the Dow tumbled by triple digits with investors determined not to get burned by the latest developments. Traders on the floor are saying, “we’re not going to get caught in the same trap as last year,” explains Fast pro Mike Murphy.This time troubles began in the Netherlands . After Dutch officials failed to agree on budget cuts, the Dutch prime minister tendered his government's resignation on Monday.

“The Netherlands is very serious,” says trader Brian Kelly. “They were staunchly behind austerity – but now that they can’t make a budget – who knows?”Adding to the turmoil was the possibility of a socialist victory in France, which also casts doubts on future austerity measures.

Here in the US, the selloff was broad with seven stocks on the New York Stock Exchange falling for each one that rose.

Now what? Do you dare buy this pullback?Strategy Session with the Fast Money traders

In a nutshell, pro trader Joe Terranova does think you buy the pullback - but strategically.

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