NEW YORK (

TheStreet

) -- The markets finished on the upside Friday after a wild session.

The

Dow Jones Industrial Average

rose 22.75, or 0.22%, to 10,388.90, while the

S&P 500

added 6.06, or 0.55%, to 1,105.98. The

Nasdaq

jumped 21.21, or 0.98%, to 2,194.35.

Karen Finerman said on

CNBC

's "Fast Money" TV show that the market was buoyed early on by the strong jobs report, which showed a decline in the jobless rate to 10% rate in November. She said it was interesting to see how dramatically things started to move afterward, the most stunning of which was the $48.80-drop in gold to $1,169.50 an ounce.

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 onTV

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Finerman wondered whether investors just getting into the gold trade will be badly shakened by the steep drop today.

Guy Adami said he had a feeling this was coming. He said he had mentioned in the past the dollar would rally on an "unforeseen event," and he said doesn't think the drop in gold is a "one-day" event.

Adami said the first thing investors should do on Sunday night is to check the markets in Australia and Asia after the N.Y. Giants football game because gold could be "down another 50 bucks."

Joe Terranova said overall it was not a bad week, with the S&P finishing at the 1,100 level.

Pete Najarian wondered whether the "Mutual Fund Monday" effect that worked so well in November will continue on into December. In the past four out of five weeks, the market has rallied on Monday.

Finerman said she was surprised to see the

Retailer Holders

(RTH) - Get Report

not faring well the jobs report. She said that there usually is a strong correlation. However, she said she expects the retail stocks to rebound next week off better sales data.

Terranova said it wasn't a one-day event for the dollar and gold. He said the dollar index finally settled above its 50-moving day average. He said he expects gold will challenge $1135 before it can resume to the upside.

Adami said that while gold was down today, it was worst for

Barrick Gold

(ABX)

, which was down nearly 9%, and

Newmont Mining

(NEM) - Get Report

, which was down 4.4%.

Najarian said there was feverish options activity in gold stocks and the silver index. He said a lot of traders were buying puts or getting out altogether.

Melissa Lee, the moderator of the show, brought in Peter Schiff, president of Euro Pacific Capital, to comment on the implications of today's precipitous decline in gold.

Schiff said he has seen a lot of pullbacks in gold in the past and reminded the panel that gold is still well above $1,000 an ounce. He said investors should take advantage of the pullback.

Schiff said the market overreacted to the jobs report. He said the jobs report actually showed weaknesses in the labor market. He said the labor pool shrank and the economy lost 45,000 manufacturing jobs.

He dismissed the gain in retail and health care jobs, saying they were "phony jobs." At the end of the day, he said fewer people are "making things" and "more people are buying things with stimulus-related paychecks."

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He said the government needs to wake up and allow the recession to take its course and restructure the economy instead of trying to prop up a sick economy with bad policies and stimulus programs.

Lee shifted the discussion to oil, which slipped today. Terranova said he doesn't believe oil can get above $80 a barrel because of a massive contango and reports that Russia is ramping up production.

Adami said

Apache

(APA) - Get Report

, one of his favorite oil stocks, has room to go further to the downside, perhaps to $80. The stock closed today at $94.20, down 0.70, or 0.74%.

Terranova said he was doing a lot of trading in the commodities today and it seemed everyone was "heading for the exit" and "no one was coming in."

Najarian said there was bullish options activity in chemical manufacturer

Huntsman

(HUN) - Get Report

. Adami said that although

Eastman Chemical

(EMN) - Get Report

hit a 52-week high today, he believes the stock is setting up for a short.

Lee shifted the focus to the successful $19.3 billion secondary offering by

Bank of America

(BAC) - Get Report

. The stock closed today at $16.58, up 52 cents, or 3.3%.

Finerman was impressed with the "extraordinary" offering. "The market clearly wants bank risk again," she said, adding this is a good sign for

Wells Fargo

(WFC) - Get Report

and

Citigroup

(C) - Get Report

to take advantage of the opportunity.

She said Bank of America eventually will have to buy back some stock to clear up the dilution problem.

It wasn't a good day for retail stocks, with the

Retail HOLDRs

(RTH) - Get Report

,

Apple

(AAPL) - Get Report

and

Amazon.com

(AMZN) - Get Report

rolling over in mid-session.

Adami said Apple is leading the market down. Terranova said investors are looking for the exit door on Amazon, while Najarian said investors were just taking profits after after a strong run by the Internet retailer. Najarian, though, said he was concerned about Apple because it's been under pressure "every single day."

There some bright spots in tech. Najarian said he liked the strong 2010 outlook of

Juniper Networks

(JNPR) - Get Report

. He also said

Texas Instruments

(TXN) - Get Report

and

Intel

(INTC) - Get Report

continue to go higher every day.

Lee brought in Daniel Clifton, head of policy research for Strategas Research Partners, to comment on the jobs report. He said the trend is clearly in the right direction, adding initial claims were down the past two weeks and the Census is going to hire 1.2 million people.

He said the firings have stopped. "We now need to see hiring move forward, and we'll probably see that in 2010," he said.

Adami was skeptical about the Census jobs, suggesting they are not the kind of permanent jobs one would like to see in a recovery.

In a short segment on golf stocks, Tom Shaw, an analyst with Stifel Nicolaus, said the stocks will remain under pressure in 2010. He said the real opportunities for growth will be overseas in countries like China and India. His favorite pick? It's

Callaway

(ELY) - Get Report

.

In the final trades, Terranova said he liked

Frontier Oil

( FTO). Adami said to short

Eastman Chemical

(EMN) - Get Report

. Finerman said she was picking up some more

Children's Place

(PLCE) - Get Report

Najarian said he sees

Applied Materials

(AMAT) - Get Report

going higher.

-- Written by David Tong in San Francisco

To watch replays of Cramer's video segments, visit the Mad Money page onCNBC

.

"Check out

"'Fast Money'Portfolios of the Week" on Stockpickr every Thursday.

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