NEW YORK (TheStreet) -- Momentum stocks led the market, specifically the Nasdaq, lower on Monday. The Nasdaq closed down 0.9%.
Despite the price action, Tim Seymour, managing partner of Triogem Asset Management, argued that "old tech" stocks not only have solid upside momentum but also reasonable valuations. He didn't consider Monday's price action and economic numbers as a reason to sell.
Brian Kelly, founder of Brian Kelly Capital, said investors should be buying the weakness in momentum stocks. He added that the selloff was not broad-based, and the weakness was not confirmed by the bond market.
Guy Adami, managing director of stockmonster.com, pointed out the big bounce in the iShares Nasdaq Biotechnology ETF (IBB) from its session lows. He suggested that it made a short-term bottom.Karen Finerman, president of Metropolitan Capital Advisors, is long the IBB and the SPDR Biotech ETF (XBI). She said investors could likely buy bull call spreads in the IBB. Adami said the selloff in Celgene (CELG) is overdone because the company has a strong balance sheet and "groundbreaking" drugs. Seymour was a buyer of SolarCity (SCTY). He said the stock needs to hold $60. Kelly added to his long positions in Tesla Motors (TSLA) and Twitter (TWTR). Mark Mahaney, managing director and Internet analyst at RBC Capital Markets, said Netflix's (NFLX) biggest costs will be for content and marketing, not the requirements in its deal with Comcast (CMCSA). He added that Netflix's biggest competition is Apple (AAPL), Google (GOOG) and Amazon (AMZN) -- with Amazon having the most potential to be "disruptive." Adami said shares of Netflix look interesting from the long side at current levels. Seymour was a buyer of Apple. Dennis Gartman, editor and publisher of The Gartman Letter is bullish on U.S. equities because the stock market has been consolidating for about 1.5 months near current levels. He added that U.S. stocks seem likely to break out to the upside. If being forced to choose, he would rather be a buyer of copper than a seller. He is also a buyer of Chinese equities via exchange-traded funds.