NEW YORK (TheStreet) -- Stocks reacted badly to the Federal Reserve'sinterest rate inaction, with the S&P 500 ETF (SPY) - Get Report falling 1.6% Friday. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said had the Fed rased rates, stocks would've had an immediate move lower followed by a prolonged rally. Instead, it was the opposite -- stocks up, then down, down, down. He sees stocks going lower and retesting last October's lows, which is around 1,820 in the S&P 500. 

Steve Grasso, director of institutional sales at Stuart Frankel, also sees stocks going lower, first to the 1,820 level that Adami mentioned, and then ultimately "a lot lower than that."

Brian Kelly, founder of Brian Kelly Capital, pointed out how strong the U.S. dollar was on Friday, reversing from its morning lows. The PowerShares DB U.S. Dollar Index (UUP) - Get Report finished up 1% on the day. He said investors can be long the ETF or be short the CurrencyShares Euro Trust ETF (FXE) - Get Report, although he prefers the former. 

Tim Seymour, managing partner of Triogem Asset Management, said the strong U.S. dollar weighed on oil prices and emerging markets equities, which fell 4% and 2%, respectively. However, the strong dollar will likely translate to a weak euro, which is good for German equities, which he likes on the long side. 

Despite the rally in the dollar, gold also performed well, Adami said. Typically, gold goes lower when the dollar goes higher and vice versa. Gold finished higher by almost 2% on the day. The yellow metal can continue to rally, he said. 

Kelly said he's a buyer of gold. There are a lot of hedge funds short gold, which is why he can see a "massive, massive short squeeze," possibly up to $1,300 or $1,400 per ounce. In the long term, gold can rally to over $2,000 per ounce, he said. 

Seymour isn't jumping into gold just yet. Bear market rallies can be convincing, but ultimately the breakout could fail. He wants to see the metal get above $1,160 per ounce before he gets interested on the long side. Investors who like gold should consider buying the MarketVectors Gold Miners ETF (GDX) - Get Report, which will outperform the metal should it have a sustained rally. 

The conversation turned to Netflix (NFLX) - Get Report. Adami said investors can be long the stock with a stop-loss at $95. The company is the dominate player in the streaming business and its growth is "tremendous," he added. 

If the market is headed for a deeper pullback, investors should avoid a stock like Netflix, Seymour said. The valuation is simply too high. It could drop to $83. 

Grasso added that investors can be long Netflix and use $100 as their stop-loss if they're afraid of the stock falling as low as Seymour suggested. However, if the market moves higher, this one should do well, he said. 

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