'Fast Money' Recap: Beware the Banks

Melissa Lee hosted CNBC's "Fast Money" on Friday night and said "it has been a very volatile week."

Joe Terranova brought up the good news this week on the upward revision on GDP as a results of strong exports. He said that "oil at the end of the day was flat," but the story isn't over until Tuesday next week to see what becomes of Tropical Storm Gustav -- whether it will become a hurricane and devastate the Gulf Coast.

Pete Najarian said when you have "a 2.7% gain on the S&P 500 in the past two days," it is not surprising to see people take some profits before the long Labor Day weekend. He said that today, investors were simply trying to find an excuse to sell -- and that is just what they did.

Najarian went on to talk about how he does not feel the market reacted negatively solely on the basis of John McCain picking Sarah Palin as his running mate. He said the market reacted from other factors such as Freddie Mac (FRE Quote) and Fannie Mae (FNM Quote), oil and the possibility of a hurricane hitting the Gulf Coast played a bigger role in the market's reaction.

Najarian spoke negatively about Dell's(DELL Quote) recent quarterly results, stating "they hurt themselves" by slashing prices just to gain market share.

Najarain said he feels gains in market share for Dell are temporary, since management will have to at one point raise prices again. He recommends sticking with best-of-breed names, referring to Hewlett-Packard(HPQ Quote).