NEW YORK (TheStreet) -- The S&P 500 sold off Friday, closing lower by almost 0.5%.
On CNBC's "Fast Money" TV show, Josh Brown, CEO and co-founder of Ritholtz Wealth Management, said that 94 companies in the S&P 500 have pre-announced negative earnings, a seven-year high. But he said the magnitude of the lowered estimates are much lower than the average, and so far Wall Street seems fine with it. It allows the corporations to keep estimates realistic.
Steve Grasso, director of institutional sales at Stuart Frankel, said that investors continue to buy the dips and there is support near 1,815 in the S&P 500.
Pete Najarian, co-founder of optionmonster.com and trademonster.com, said the S&P 500 has been mostly rangebound between 1,825 and 1,845. He added that the selloffs in individual stocks are being bought intraday and the low volatility levels suggest investors aren't scared.
Guy Adami, managing director of stockmonster.com, said International Business Machines (IBM) held the $175 level but seems to have only gone higher because of a rising broader market. He suggested the stock could "get whacked" after it reports earnings on Jan. 21. Grasso concurred.
Brown said investors shouldn't short-sell IBM since it has a low value and famed investor Warren Buffett has been buying. That said, Brown said the stock is not a buy either.
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