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NEW YORK (TheStreet) -- The S&P 500 slid 0.80% on Monday, led by the Russell 2000, which fell 1.40%. 

On CNBC's "Fast Money" TV show, Guy Adami, managing director of, thinks the iShares Russell 2000 ETF (IWM) - Get iShares Russell 2000 ETF Report will decline to $108. If it is able to bounce, then the S&P 500 will likely go on to make new highs. Tesla Motors (TSLA) - Get Tesla Inc Report looks likely to decline to $225, a level where investors can consider buying once again. 

Karen Finerman, president of Metropolitan Capital Advisors, said she was surprised by Monday's weak price action given the amount of M&A activity announced that day. She is not a buyer or a seller of the CBOE Volatility Index I:VIX at current levels, but reasoned that things seem likely to get worse before they get better for U.S. equities. 

Pete Najarian, co-founder of and, said investors need to be patient and wait for a more clear pattern to emerge in the market. Large-cap technology stocks like Microsoft (MSFT) - Get Microsoft Corporation Report and Hewlett-Packard (HPQ) - Get HP Inc. Report  continue to trade well, as do financial stocks. 

Tim Seymour, managing partner of Triogem Asset Management, said the volatility in the currency market is beginning to spill over into the equity markets. There has been a lot of news in the past few few days and investors are still sorting out what to do, he said.

Ari Wald, head of technical analysis at Oppenheimer and Company, called the current environment a "very selective market" for investors. He is not a short-seller near current levels but said he wouldn't be much of a buyer in the S&P 500 until it declines to 1,935, or the index's 120-day simple moving average. He reasoned that the iShares Russell 2000 ETF needs to find support near $108 or it could head lower, and Tesla needs to stabilize near $215 or risk breaking its longer-term trend. 

Seymour reasoned that a pullback to 1,935 in the S&P 500 would be a pullback of almost 5%, which could rattle investors much more than many probably think. He added that the German equity index, the DAX, and Russell 2000 appear "vulnerable." 

Finerman said one trade that continues to work for her is being long the S&P 500 and short the Russell 2000 because large-cap stocks continue to outperform small-cap stocks.

Shares of Alibaba (BABA) - Get Alibaba Group Holding Ltd. Report slid 4.5% in its second day of public trading. Najarian said investors will still be able to buy the stock cheaper. He also reasoned that Yahoo! (YHOO) can continue to climb, despite selling off hard the past two trading sessions. It might have trouble gaining upside traction until the Alibaba options go live next week since big investors are selling Yahoo! as a hedge on Alibaba. 

Adami suggested that Yahoo! has sold off too far, too fast and is worth a look on the long side. There's one more good rally left in the stock, he said. 

Neil Doshi, managing director and co-head of technology and media at CRT Capital Group, has a hold rating on shares of Yahoo! with a $38 price target. He said investors are rotating out of Yahoo! now because they can buy Alibaba outright and have no need for Yahoo!. There's just a little upside left for Yahoo! over the next six months, he said. 

Doshi has a buy rating on shares of Alibaba with a $95 price target. The stock has earnings as an obvious bullish catalyst but there's also Singles Day, which is big in China. It is celebrated on November 11 (11/11) and results in major sales for Alibaba. 

Seymour said it doesn't make sense why analysts are downgrading Yahoo! after its large pullback. It still owns a big portion of Alibaba and that stake is worth a lot more than many investors previously had planned based on its original IPO price. 

Finerman said she sold roughly 60% of her stake in Softbank on Thursday and Friday, but it's been frustrating to be long the remainder of the position. Softbank also owns a sizable portion of Alibaba. 

Adami said he would take profits in shares of Home Depot (HD) - Get Home Depot, Inc. Report and he is not a buyer of homebuilder stocks. Najarian said he likes Lowe's (LOW) - Get Lowe's Companies, Inc. Report and Whirlpool (WHR) - Get Whirlpool Corporation Report near current levels. Seymour likes Home Depot. 

Finerman said Bed Bath & Beyond (BBBY) - Get Bed Bath & Beyond Inc. Report looks somewhat attractive from a valuation perspective.

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The larger iPhones are "being received very, very well," according to Najarian. Consumers seem excited about the new devices and China should be a big catalyst in the not-so-distant-future. 

Seymour said he is staying long Apple. Finerman is staying long Apple too, but selling upside call options as a partial hedge on her position. The stock seems to be "impervious" to what's going on in the market at any given time, she said. 

Adami said shares of GT Advanced Technology (GTAT) appear to have bottomed. The stock can rebound back to $13.50 or $14. 

Dennis Gartman, editor and publisher of The Gartman Letter, said there's no reason for investors to own gold in dollar terms at this point in time. Owning it in euros or yens seems more attractive, although owning in yen terms is effectively a short position on the currency. We're in a deflationary environment, he concluded, which is bad for gold.

Seymour said gold seems likely to decline to $1,100. Adami said now is not a good time to be long commodities, which continue to struggle against a rising U.S. dollar and stagnant global economy. 

Najarian said Alcoa (AA) - Get Alcoa Corporation Report seems likely to bounce soon. 

Activision Blizzard (AVTI) fell 1% and was the first stock on the show's "Pops & Drops" segment. Adami said the stock seems likely to decline below $20. If that happens, investors should get long. 

Herbalife (HLF) - Get Herbalife Nutrition Ltd. Report dropped 10%. Finerman attributed the drop to rumors suggesting hedge fund manager Carl Icahn liquidated his long position. This doesn't appear true because Icahn would need to file with the SEC and it would now be public knowledge, she said. 

Tata Motors (TTM) - Get Tata Motors Ltd. Report popped 2%. Seymour said he used the move higher to take some profits in the stock. 

Finish Line (FINL) declined 3%. Najarian said he would rather be long Foot Locker (FL) - Get Foot Locker, Inc. Report

Najarian pointed out the bullish options activity in shares of Travel Centers of America (TA) - Get TravelCenters of America Inc. Report , specifically in the $12.50 call options. 

Near current levels, Seymour said "it makes some sense" to own several mining companies that have diversified businesses of mining different metals. 

For their final trades, Seymour is a seller of Tata Motors and Najarian is buying Travel Centers of America. Finerman is a buyer of Macy's (M) - Get Macy's Inc Report and Adami said to buy Adobe Systems (ADBE) - Get Adobe Inc. Report .

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.