NEW YORK (TheStreet) -- The selling didn't let up on Friday with the Nasdaq falling 1.34% and the S&P 500 dropping 0.95%.
On CNBC's "Fast Money" TV show, the panel looked shares of General Motors (GM), which fell 4% on Friday to $32.11.
Tim Seymour, managing partner of Triogem Asset Management, admitted the stock looks to be headed to $30 but he was not selling out of his long position. He argued the global auto market is strong and the stock is extremely cheap.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said the stock looks like it could be headed lower but is at reasonable levels to start buying at.Steve Grasso, director of institutional sales at Stuart Frankel, suggesting buying Ford (F) instead of GM. Brian Kelly, founder of Brian Kelly Capital, said momentum stocks still aren't getting much of a bounce. He pointed out Treasury yields continued to move lower, suggesting investors are not as optimistic about the economy as they once were. Seymour said to sell the rally in gold. He argued that the economy is improving, with the producer price index (PPI) showing a slight increase in inflation, which is exactly what the Federal Reserve is seeking. Grasso said the S&P 500 has broken below the 100-day simple moving average four times over the past year, not including Friday's breach. Each time, the index stayed slightly below the moving average, before rallying higher. He suggested the market could have more downside ahead if it doesn't rally over the next five trading sessions. Najarian said there were a lot of upside call buying in the iShares 20+ Year Treasury Bond ETF (TLT), suggesting that Treasury yields may be headed even lower. The panel looked at some of this week's big losers: Micron (MU) dropped 6%. Kelly said he would sell the stock despite its good earnings report. He reasoned its future DRAM pricing will be weaker than expected.
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