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NEW YORK (TheStreet) -- It's been a volatile Tuesday, as the S&P 500 opened higher, plunged by more than 1% and is now almost back to flat on the day.

Don't bet on Greece, Joseph Terranova, senior managing partner at Virtus Investment Partners, said on CNBC's "Fast Money Halftime" show. 

The outcome of Greece is still unknown and its impact on the market is definitely unknown, he explained.

Terranova called China "incredibly concerning," as the country's indexes have fallen 30% over the past month.

Investors need to remember that China is still an emerging market, said Josh Brown, CEO and co-founder of Ritholtz Wealth Management. Those markets tend to be volatile, as the investor base is naive and inexperienced. 

Investors who want to buy Chinese stocks, but want less volatility should consider the iShares MSCI Hong Kong ETF (EWH) , Brown suggested. 

Because the Chinese government is focusing on building a consumer-driven market rather than an economy driven by manufacturing, investors should turn their focus to those sectors. Specifically, Stephanie Link, portfolio manager at TIAA-CREF, said she likes U.S. companies with Chinese consumer exposure, such as McDonald's (MCD) , Yum! Brands (YUM) and Coach (COH)

As for U.S. stocks, it seems a little early to have bought into last week's pullback, Link said. She has not wavered on the long term, however, saying investors should continue to buy on pullbacks, especially as the economy and labor market gradually improve. 

Brown pointed out that winning stocks are beginning to separate from the losing ones. As a whole, roughly 100 stocks in the S&P 500 are leading the way higher, while the other 400 are struggling. While this is fine for individual stock pickers, it does not bode well for the overall index.

Pete Najarian, co-founder of and, said he still likes financial stocks, in particular, JPMorgan (JPM) . However, volatility in oil, U.S. stocks and German stocks continues to increase, he said. 

Bonds tend to lead stocks, said Larry McDonald, head of U.S. strategy at Societe Generale. That become especially true when stocks pull back by 4% or more. If and when that happens, look to bonds for an indication on what stocks will do.

Meanwhile, the pain continues for semiconductor stocks as Advanced Micro Devices (AMD) fell about 16% on a weak outlook. Other chip stocks have also struggled, with Micron (MU) and SanDisk (SNDK) down 49% and 44% on the year, respectively. 

Investors should continue to avoid the semiconductor industry, Brown said. The price action and fundamentals for chip companies are "lousy" and the stocks have no support in sight, he added. 

Najarian agreed, but said investors should avoid PC-related chip makers. Cell-phone chip makers on the other hand, specifically those that make parts for Apple (AAPL) devices, are starting to look attractive. He likes Cirrus Logic (CRUS) after its recent decline. 

Terranova likes Texas Instruments (TXI) at $49.

Rather than chip stocks, Link is a buyer of cloud and cybersecurity companies. An exception in the PC industry is Hewlett-Packard (HPQ) , which she likes at current levels.

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