'Fast Money' Recap: Next Week's Market

NEW YORK (TheStreet) -- The markets tumbled Friday despite some strong tech earnings and encouraging existing home sales figures.

The Dow Jones Industrial Average fell 109.13, or 1.08%, to 9,972.18 while the S&P 500 dropped 13.31, or 1.22% to 1,079.60. The Nasdaq lost 10.82, or 0.50%, to 2,154.47.

Steve Grasso said on CNBC's "Fast Money" TV show that it felt on the floor that "people still wanted to buy but they were spooked." However, he felt the market is headed to 1,150 and 1,200 despite today's action.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Joe Terranova wasn't so optimistic. He said the market is having a difficult time getting above 1,100 on the S&P. He said the price action was "horrible" despite good earnings and economic news this week.

Karen Finerman agreed with Grasso that the markets are headed higher for two reasons: companies showing bottom-line improvement and money on the sidelines.

Gary Kaminsky said the momentum that will continue to drive the market higher will be money managers wanting to stay invested and the chase for performance until year's end.

Terranova speculated that the one thing that could reverse the market will be an improvement in the jobless rate report that comes out in the first week of November. That prompted a look of disbelief from Melissa Lee, the moderator of the show, who wondered what impact "a tick higher" would have on the market.