NEW YORK (TheStreet) -- The S&P 500 had a large selloff to start the month of February, down nearly 2.3%.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors have not seemed panicked. He added that 1,725 would be an important level for bulls to hold in the S&P 500.
Karen Finerman, president of Metropolitan Capital Advisors, said she would be worried about the market if the economic data in February come in weaker than expected. However, she remains optimistic and said the market seems likely to bounce soon.
Tim Seymour, managing partner of Triogem Asset Management, said Monday's ISM number was bad but the rest of the U.S. economic data over the past few weeks have been pretty good.Brian Kelly, founder of Brian Kelly Capital, said he's still short and still bearish. He would likely look to cover (and others would look to go long) near 1,700 in the S&P 500. We're about halfway through the selloff, he said, which could last a few more weeks. Dennis Gartman, editor and publisher of The Gartman Letter, said the market could decline an additional 10%. He suggested that the best trade was being neutral or flat (meaning neither long or short) the market. He reminded investors that equities are still in a bull market, but could pull back more than many anticipate. Yum! Brands (YUM) popped after reporting earnings. Seymour likes CEO David Novak as well as the stock at current levels. Michael Kors (KORS) was down 4% ahead of its earnings report on Tuesday. Finerman said the stock has been really impressive but expectations are likely to be high. Adami said he would be a buyer in the low-$70 range if it sells off. AT&T (T) fell 4% on Monday and Seymour said he would avoid it as well as the rest of the sector because all the companies are engaged in pricing wars. Pfizer (PFE) ended the day slightly higher. Adami said he would not buy the stock based on its breast cancer drug news but because of its valuation and yield.
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