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NEW YORK (

TheStreet

) --The markets slipped Friday on troubled earnings from

Bank of America

(BAC) - Get Bank of America Corp Report

and

General Electric

(GE) - Get General Electric Company Report

.

The

Dow Jones Industrial Average

fell 67.03, or 0.67%, to 9,995.91 while the

S&P 500

dropped 8.81, or 0.81%, to 1,087.68. The

Nasdaq

lost 16.49, or 0.76%, to 2,156.80.

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Steve Grasso said on

CNBC

's "Fast Money" TV show he wasn't shocked by the dip today. He said he expected investors to take profits and for the markets to move sideways after the big run earlier this week.

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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Tim Seymour said he was encouraged by the "great data" that showed industrial production and capacity utilization moving in the right direction. He, too, said he wasn't surprised by today's market action. "I wouldn't make too much of this," he said.

Joe Terranova called it a "great week" and expects further upside next week. He said the market outlook looks encouraging because of the strong earnings of

Intel

(INTC) - Get Intel Corporation Report

and

JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. Report

along with the breakout in oil.

Melissa Lee, the moderator of the show, expressed worries about the financials after the big loss reported by BofA and next week's wave of earnings by regional banks.

Pete Najarian was concerned about the complacency of the market after the volatility index slipped under 21. "People have gotten a little too euphoric," he said. "There's no sign of any fears."

Seymour expressed concerns about BofA CEO Ken Lewis' comments that he didn't know when the bank's credit card business will be profitable.

Still, Najarian said he bought some BofA shares today after seeing an encourage Morgan Stanley note on the bank's improving credit situation. Grasso also said many traders have the same opinion that BofA has "big upside potential" if the "consumer gets better."

Lee shifted the discussion to

General Electric

(GE) - Get General Electric Company Report

, which was dragged down by the dismal showing of its GE Capital unit. Seymour said the "shrinkage" of profits at GE Capital was painful to GE's cash-flow model. Still, he said he remained upbeat about what GE is doing on the industrial side in tech, turbines and infrastructure.

Najarian said he preferred to own

3M

(MMM) - Get 3M Company Report

in this space.

In the options segment, Najarian said options activity has been extremely heavy in

Human Genome Science

(HGSI)

which he said is "back from the dead" and up 846% year to date -- thanks to the prospects of its lupus drug, Benlysta.

For a contrarian view on Goldman, Lee brought in Christopher Whalen, managing director of Institutional Risk Analytics, who downgraded the stock to neutral.

Whalen said Goldman's core investment banking business was down and that it had to rely on trading to make its profits. He said there's a cheaper way to invest in a hedge fund.

With oil up 9% this week, Terranova said the next target will be $80 a barrel. He said he sees a lot of buying interest in the oil pits. Seymour said

Schlumberger

(SLB) - Get Schlumberger NV Report

and

Halliburton

(HAL) - Get Halliburton Company Report

are making a lot of money off drilling and exploration in areas like Eastern Europe and Africa.

Najarian said he liked

Weatherford

(WFT) - Get Weatherford International plc Report

in the energy space.

Lee brought in Tavis McCourt, an analyst with Morgan Keegan, for a preview of

Apple

's

(AAPL) - Get Apple Inc. Report

earnings on Monday.

He said he would key on the revenue numbers, which he expects will be around $11.5 billion, and a good guidance. He said the rough market response to the earnings of Intel and Google leads him to believe it will be tough for Apple to advance much. He believes the stock will stay where it is, or at the most, advance a little.

Mike Khouw, an options trader for Canter Fitzgerald, said he's seen consistently bullish options activity on Apple,

Yahoo!

(YHOO)

and

Microsoft

(MSFT) - Get Microsoft Corporation Report

going into their earnings next week.

Seymour was cautious about Microsoft, saying the comments he's heard suggest the earnings are setting up to be disappointing next week.

Lee invited Brent Rragans, head of general therapeutics for

Sanofi-Aventis

(SNY) - Get Sanofi Report

to talk about its new Sculptra drug that cuts facial fat loss through the aging process. He said the drug has an advantage over Botox because the treatment lasts up to two years compared to three to six months for Botox.

On the prop desk, Grasso said

H&R Block

(HRB) - Get H&R Block, Inc. Report

should benefit from the confusion over the expiration of Bush tax cuts cuts in 2010. He said a lot of people don't understand the ramifications of the expiration and will seek professional advice.

In the final trades, Seymour liked

Rostelecom

(ROS)

; Terranova liked Apple; Grasso liked Weatherford; and Najarian liked

Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report

.

-- 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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