NEW YORK (TheStreet) -- The S&P 500 sold off early but recovered somewhat before ultimately closing lower by 0.40%.
On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said Thursday's selloff had less to do with issues in Portugal and more to do with investors who feel complacent with their stock positions. He added that investors continue to fear missing out on more upside.
Karen Finerman, president of Metropolitan Capital Advisors, said investors have not seemed "panicky" so far when selling. She added that the market is still too expensive to buy, but not at a good level to sell short.
Brian Kelly, founder of Brian Kelly Capital, said selling U.S. stocks because of Portugal is wrong. Instead, he did not like the retail sales results that were released Thursday along with the economic numbers from Japan, Germany and France. The global economy is not as strong as we thought it was a few weeks ago, he said.Steve Grasso, director of institutional sales at Stuart Frankel, said there is confusion in the market, not panic, and that's notable by investors buying utility stocks, as they search for yield. Kelly said investors can keep watching the iShares Nasdaq Biotechnology ETF (IBB) as a leading indicator for the broader market. Seymour said Microsoft (MSFT) is no longer a cheap stock, based on valuation. However, investors continue to find safety in large cap technology stocks. Kelly said he likes Microsoft, which pays a handsome dividend and has low volatility. Grasso said the momentum technology stocks need to make new highs in order for the large-cap technology stocks to continue moving higher. Paul Miller, managing director at FBR Capital Markets, there is a lot of "good news factored into banks," and thinks the sector will head lower as interest rates stay low. He added that rates are likely to stay lower longer than many investors anticipate. He likes Wells Fargo (WFC) but does not like Bank of America (BAC), JPMorgan Chase (JPM), Morgan Stanley (MS) and Citigroup (C). Kelly agreed with Miller's assessment. Seymour did not agree, arguing there will be some "major positive surprises" from the banks in the upcoming earnings quarter.