Bullish earnings from tech giant Google ( GOOG) did little to help the markets on Friday. Wall Street witnessed a blood bath that sent the Dow down 367 points on heavy volume. The team at CNBC's "Fast Money" attempted to guide investors through the correction.Guy Adami lamented that the market wasn't helped by former hedge fund manager Julian Robertson saying the word "recession" all day long on CNBC or by Caterpillar ( CAT) saying Fed rate cuts will not help the economy. Instead, Adami believes the pullback on Friday was healthy and needed. On days like Friday, Karen Finerman looks at her portfolio to see if things are moving with the market, or are at prices she wants. She didn't do much buying on Friday and also didn't sell her index puts, which she always owns for portfolio protection. She cautioned investors to look at names that are more defensive. (Need ideas for defensive plays? Check out the Defensive Plays portfolio on Stockpickr.com.) According to Pete Najarian, the new downtick rule has created more volatility because short-sellers no longer need an uptick to sell stocks. He also mentioned that when volatility gets to 15% or 16% you have to buy protection. Jeff Macke predicts we're going back to 1490 on the S&P 500. Industrial stocks fell hard Friday after Caterpillar cut its forecast. Adami maintains that the market got ahead of itself with Honeywell ( HON). Now that Honeywell has pulled back, he would look to buy it around $55. Schlumberger ( SLB), in Adami's opinion, has more downside to come, but he would look to buy it on pullbacks.