'Fast Money' Recap: Oil's Impact

NEW YORK (TheStreet) -- The markets cooled off Friday as the price of oil faded.

The Dow Jones Industrial Average fell 22.07, or 0.23%, to 9605.41, and the S&P 500 slipped 1.41, or 0.14%, to 1042.73. The Nasdaq was dropped 3.12, or 0.15% to 2018.90.

Joe Terranova said on CNBC's "Fast Money" TV show said aggressive selling in oil brought down the trading session today and marred what was a "great week." Oil fell to $69.29 a barrel, down $2.65 for the day.

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

Greg Troccoli said $75 appears to be a resistance level for oil. Pete Najarian said the market can hold up even if oil slips below $70. Terranova opined that the market will head down if oil drops to $60.

Najarian said he believes the industrials have provided badly needed leadership for the markets. "We don't know need energy to pull us higher," he said.

Melissa Lee, the moderator of the show, shifted the discussion to General Electric(GE Quote), which has been steadily moving higher toward the $15 level. Seymour said the company is starting to show signs of earnings normalization. Troccoli said GE has to be "part of your portfolio" because of its balance sheet and diversified businesses.

Lee noted that gold continued to move higher as it rose above $1,006 an ounce. Terranova said his next target for gold is $1,033. "There's not reason to get out of it," he said.