On CNBC's "Fast Money" TV show, Stuart Frankel's Steve Grasso said that with the S&P 500 down for three consecutive days, he wants to see it test 1,760. "I do think we need to test that level before people feel really good about buying this market," he said.
Guy Adami, managing director of stockmonster.com, said he thought the "real tell" would be the Russell 2000. "That's now underperformed since the end of November," he said, even though it closed up on Thursday.
"I think the culprit today is retail sales," said Tim Seymour, managing partner of Triogem Asset Management. "That was the most important data point we get until the Fed meeting."
Karen Finerman, president of Metropolitan Capital Advisers, said she was buying Citigroup (C) today after it traded down. "I'm happy to own it here," Finerman said, "I think a year from now I'll be very happy."
IBM is down over 7% in the last month or so, Grasso said. "Everyone used to look at IBM (IBM) as a bellwether for the marketplace and I still think there's a place for that," he said. "So IBM is the tell for me."
Seymour said, "If I'm looking at today's numbers, I'm buying cyclicals, I'm buying commodities. I'm not buying gold."
Gold saw its biggest drop in 10 weeks on Thursday. Gold mining stocks were down after Iamgold (IAG) announced last night that it was suspending its dividend.
A bright spot in the market Thursday was what Melissa Lee called "Teflon Twitter." Twitter (TWTR)closed at a record high of $55.32 and has more than doubled its value from its $26 offering price just over a month ago.
Brian Wieser of Pivotal Research Group said: "Twitter is an amazing company: fantastic management, great ad products, wonderful traction. The problem is it's just simply overvalued. To the extent that the stock will fall, eventually it will. It has to."
He said that most investors do not understand the company because they are bidding up the price on a product that was announced in July. "I don't think many people are doing what we would call fundamental research," he said.
On Lululemon (LULU), which was down 11.65% Thursday, Finerman said she wasn't quite sure what to make of it. "When you're a high flier like they are, you don't have a lot of room for margin misses, you don't have a lot of room for revenue not growing at the rate people expected."
Voxeljet (VJET) CFO Rudi Franz joined the panel to talk about the 3-D printing company.