NEW YORK (

TheStreet

) -- The markets ended the week in the red over concerns of a possible rate hike by China.

The

Dow Jones Industrial Average

lost 90.52, or 0.80%, to 11, 192.58 and the

S&P 500

declined 14.36, or 1.18%, to 1,199.18. The

Nasdaq

dropped 37.31, or 1.46%, to 2,518.21.

Karen Finerman said on

CNBC

's "Fast Money" TV that the markets were caught off guard by the news of a possible rate hike by China. She said the pullback was good after such a strong run.

Guy Adami said the selloff keyed a lot reversals that didn't leave investors anywhere to hide.

Tim Seymour said the markets appear to want to go lower next week. He said traders actually want the markets to go down another 2% to 3% before getting back in for the rest of the year.

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

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Melissa Lee, the moderator of the show, said the impact of today's selloff was most apparent in the commodities as gold and copper fell. Adami said the raising of margins by the Chicago Mercantile Exchange exposed speculators in the soft commodities market.

Patty Edwards said she was staying in the industrial metals trade because she still believes in the global auto industry story. Seymour also said he liked the platinum and palladium trade, adding he would short

Stillwater Mining

(SWC)

and

SPDR S&P Metals and Mining

(XME) - Get Report

On a selloff like today's, Adami said it's good for investors to get out their buy list and look for opportunities to get into stocks. He said he would short

Rio Tinto

(RIO) - Get Report

and

Freeport McMoRan

(FCX) - Get Report

.

Shifting to tech and

Cisco

(CSCO) - Get Report

, which fell 18% this week off a discouraging outlook, Seymour said the stock got punished because its CEO John Chambers talked about getting into new businesses and the company's overly optimistic growth projections. He said he was surprised the stock didn't snap back today after other tech companies commented on PC growth.

Grasso advised against buying

Apple

(AAPL) - Get Report

if the market heads down. He said investors need to see where "things level out."

Finerman said Cisco's valuation looked awfully attractive and would consider buying the stock if it falls below $20.

Lee noted that

Intel

(INTC) - Get Report

was up after it announced it was going to increase its dividend by 15%.

She said Intel's move was rare among the major tech companies. She noted Apple,

Google

(GOOG) - Get Report

,

Dell

(DELL) - Get Report

,

Motorola

(MOT)

and

EMC

(EMC)

don't provide dividends. Grasso said investors are looking for capital appreciation rather than dividends in tech stocks.

Taking a quick look at retail earnings next week, Finerman said she was going to short

Abercrombie & Fitch

(ANF) - Get Report

. She expects discount retailers like

Target

(TGT) - Get Report

and

Wal-Mart

(WMT) - Get Report

will do OK. Patty Edwards said she was leery of Target and wanted to hear from Wal-Mart on how this month has gone so far.

In the "ear to wall" segment Lee asked Peter Boockvar, equity strategist at Miller Tabak, if Ireland is close to a default. He said the probability of a bailout has been lowered because there aren't any major maturities until June, 2011. However, he said the country is under a lot of market pressure to deal with its budget deficit problem earlier.

Boockvar said restructuring is needed in debt-ridden countries like Ireland, Greece and Portugal because they are not making much headway in increasing their GDPs to pay back the debts.

As for the first of QE2 this week, he said the Fed's quantitative easing efforts failed before it got off the ground because it set off an inflationary scare that rattled the markets.

In the final trades, Seymour said to short Rio Tinto, while Adami said he would short Freeport McMoRan. Finerman said she expected her puts in the

iShares Russell 2000 Index Fund

(IWM) - Get Report

to rise. And Grasso went with

Ford

(F) - Get Report

as a trade off the GM IPO.

--Written by David Tong in San Francisco.

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.

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