Terranova: Watch These Earnings Next Week

Amid the blitz of quarterly earnings reports next week, Joe Terranova of Virtus Investment Partners said Friday that he will be watching one stock.

"You're really going to need some solid performance from technologies, but in particular, you're going to get an early read on consumer discretionary, which I view as highly important to further appreciation in the S&P," he said on "Fast Money."

Terranova said the stock to watch was Coach.

Some of the companies reporting quarterly earnings next week include Apple, McDonald's, Honeywell, Procter & Gamble and Microsoft.

Stephen Weiss of Short Hills Capital, who liked Verizon, was clear about what he was doing.

"Here's the trade. Here's what you've got to do: Get rid of your defensive holdings and go with beta," he said. "Time to play offense, time to put on risk."

Trader disclosure: On Jan. 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Steve Weiss is long SCCO; Steve Weiss is long CNX; Steve Weiss is long RIMM; Steve Weiss is long T; Jon Najarian is long MS CALL SPREADS; Jon Najarian is long AMAT CALL SPREADS; Jon Najarian is long ATE; Jon Najarian is long NANO; Jon Najarian is long TWI CALL SPREADS; Pete Najarian is long AAPL; Pete Najarian is long BAC CALLS; Pete Najarian is long GS CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long RIMM; Pete Najarian is long SBUX; Pete Najarian is long SBUX CALLS; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long GE; Joe Terranova is long VRTS; Joe Terranova is long AAPL; Joe Terranova is long GS; Joe Terranova is long AXP; Joe Terranova is long MS; Joe Terranova is long GLW; Joe Terranova is long DELL; Joe Terranova is long MMM; Joe Terranova is long SWN; Joe Terranova is long XOM.