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'Fast Money' Recap: Anatomy of a Selloff

Stocks in this article: WBD GLW NVDA

NEW YORK ( TheStreet) -- The markets slumped terribly at the close of the week on a poor performance by the financials and a decline in consumer confidence.

The Dow Jones Industrial Average dropped 261.40, or 2.52%, to 10,097.90, while the S&P 500 lost 31.60, or 2.88%, to 1,064.88. The Nasdaq was down 70.30, or 3.11, to 2,179.05.

Guy Adami said on CNBC's "Fast Money" TV show that the poor market performance was due to disappointing results from Goldman Sachs (GS) and Bank of America (BAC) as well as a rise in the VIX.

Tim Seymour agreed, saying the market suffered from terrible macro data and disappointing earnings.

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

Karen Finerman said she was disappointed in Bank of America's earnings, whose trading revenues were down and expense ratios were out of line. She was particularly disturbed by the "anemic loan growth" of Bank of America and JP Morgan (JPM). "That's not a good thing for the economy."

Jon Najarian dismissed today's consumer sentiment survey numbers, saying it's more important to pay attention to what companies like Whirlpool (WHL). and Delta Airlines (DAL) say in their earnings next week about consumer sentiment.

Patty Edwards said a number of financials excluded information on loan modifications in their delinquency reports. She said that could be "bad news" if these modifications lead to defaults. "That's 80,000 loans in the month of June."

Adami said his focus was on Goldman's earnings next week. Based on the disappointing earnings of the financials this week, it's difficult to believe Goldman is going to have a great quarter, he said.

Najarian added the volatility on Goldman was crushed today as the company heads into earnings next week. He wagered the rest of the panel that Goldman will beat "by at least a buck" next week.

Shifting to BP (BP), Whitney Tilson, managing partners of T2 Partners, said he feels good about the recent developments, including the temporary cap on the well.

He said he is waiting for the company's earnings in 11 days, which he said will show a surprise to the upside. He said he is not worried about the cleanup and litigation costs, which he pegged at $30 billion to $50 billion, because BP has the resources to pay for it and because those liabilities will be spread over a number of years.

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