NEW YORK (TheStreet) -- The S&P 500 ETF (SPY) - Get Report is bouncing back on Wednesday, up 1.4%.

However, the CNBC "Fast Money Halftime" traders weren't so quick to jump on board. This "very well could be" the next bear market, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. There's just no way sure-fire way to know. From top to bottom, the market has fallen 12.5%, but the decline could extend to down 20% without it being the end of the world, he added. 

While the September to mid-October period commonly tends to be a rough ride for investors, it's not uncommon to see the market bottom in October either, Brown said. That very well could happen and lead to a rally. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, agreed that it's really tough to know whether the market is going up or down. So much of its movement recently has been tied to the FederalReserve and its stance on interest rates. He believes the Fed will raise rates before the end of the year, and therefore financial stocks look attractive.

Big selloffs create good buying opportunities for long-term investors, said Jon Najarian, co-founder of optionmonster.com and trademonster.com. Specifically, he likes technology and consumer discretionary stocks, like Amazon (AMZN) - Get Report and Best Buy (BBY) - Get Report

The conversation turned to Carl Icahn and the hedge fund heavyweight's recent video explaining why he's cautious on the overall market. 

Speaking on the show, Icahn explained that average American investors are the ones who are most at risk, because many of them are buying dangerous securities. Specifically, he has a lot of concern about the high-yield bond market, which he said the high is overpriced and suffers from a lack of liquidity. The risk simply isn't worth the reward, and there are several companies that won't be able to pay back their loans.

The stock market overall is "way overpriced," while earnings are "overstated" and are a "complete mirage," Icahn added. However, while the market is in "dangerous territory," investors shouldn't worry about another 2008, because the banks won't fail, he explained.

There's nothing wrong with keeping cash on the sidelines and waiting for a better opportunity. Icahn says most investors don't like to stay in cash because it earns such a small return, but then asked what's the better alternative: a 1% return in cash or a significant loss in stocks? 

A lot of companies have used low interest rates to buy back stock, something Icahn criticized in his video. While he has been an advocate of share buybacks at times, he asserted that only some companies should be buying back stock, while many others have no business in doing so. 

Apple (AAPL) - Get Report , because it has so much cash on its balance sheet, is one of the companies that Icahn says should buy back more stock. If the overall market conditions weren't so bad, he would likely be buying more stock, he said. 

When asked about his recent moves to expand his positions in Freeport-McMoRan (FCX) - Get Report and Cheniere Energy (LNG) - Get Report , Icahn said he is investing in these companies now while they are drastically out of favor, and looking for a rebound a few years into the future. Hopefully in hindsight, the selloff will be viewed as a golden buying opportunity. 

Individual investors shouldn't follow all of Icahn's moves, because many of us aren't in the same risk/reward position as he is. Icahn explained that these stocks can continue to do poorly going forward, but it's the long term that he is focused on.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.