'Fast Money': Where Do We Go From Here?

The markets cooled off Friday but still finished on the upside for third consecutive week.

The Dow Jones Industrial Average was down 148.38, or 1.87%, to 7,776.18, while the S&P 500 lost 16.92, or 2.03%, to 815.94. The Nasdaq was down 41.80, or 2.63%, to 1,545.20.

Guy Adami said on CBNC's "Fast Money" TV show that the rally "remains intact." He told viewers they need to be long on the S&P if it stays above 800.

Tim Seymour noted that the good news in today's trading session is that the VIX stayed below its 200-day moving average on a down day for the market.

Karen Finerman expressed concerns about comments from Jamie Dimon, CEO of JP Morgan Chase (JPM Quote) that March was a difficult month for his company. She presumed that might be the case of other financial instituitions. She said the condition of those banks is important for the rally to continue.

Melissa Lee, the moderator of the show, shifted the discussion to tech's big week. Adami noted that Intel(INTC Quote) hit a four-month high, while HP(HPQ Quote) surged, up 12% this week.

Seymour said tech has had a good run because the companies in the sector have good balance sheets. He also noted the rebound in chips, adding he liked Taiwan Semiconductor(TSM Quote) in this space.

Alcoa(AA Quote) was up 19% for the week. Seymour said the company has a good balance sheet and "is not throwing assets out there at bargain prices." Jeff Macke said the company pulled off a "great deal" when it was able to raise much more debt money that it expected -- $500 million at 5.25%.