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'Fast Money' Recap: Selloff Ahead?

NEW YORK ( TheStreet) -- The markets managed to finish up Friday despite a decline in consumer confidence sentiment.

The Dow Jones Industrial Average rose 13.02, or 0.12%, to 10,607.85. The S&P 500 added 0.93, or 0.08%, to 1,125.59, while the Nasdaq gained 12.36, or 0.54%, to 2,315.16.

Guy Adami said on CNBC's "Fast Money" show the rally in the S&P has been impressive the past two weeks, but he's starting to see evidence of a pullback. "Everything is lining up for a potential selloff next week."

Tim Seymour said he expects an options hangover to last into next week and will be watching to see what happens at the Fed meeting on Tuesday. He said the gold rally is not good news for equities.

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

Brian Kelly said if investors were looking at the technicals away from equities, where the euro and yen reversed and closed on their lows, the situation doesn't bode well for the equities next week.

Joe Terranova also said today's market reversal didn't look good, adding the markets usually don't respond well to FOMC meetings.

Melissa Lee, the moderator of the show, mentioned that Doug Kass, general partner of Seabreeze Partners, had noted that the market seemed to be close to a top and that he didn't like the fact that the recent market tops occurred on light volume.

Lee said tech stocks did well today, with Oracle (ORCL - Get Report) seeing nice price action on its strong earnings.

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Terranova said he reduced his stake in Oracle by a half, although he liked the company's momentum. Adami agreed on the move, saying there will be an opportunity to buy it back at a cheaper price.

Lee noted that Hewlett-Packard (HPQ) was down 3% as it continues its search for a CEO.

Michael Block, chief equity strategist for Phoenix Partners, said it will most likely be an internal candidate, a choice that will not sit well with the market.

Shifting to Research In Motion (RIMM), Kelly said the Street was disappointed in the company's comments about seeing prepaid as a growth area because it will mean a lower average sales price and revenue.

Terranova reiterated his no-trade position in RIM because its subscription additions were down 70% year over year. Adami said the stock might be heading down to $40.
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