NEW YORK ( TheStreet) -- The markets plunged today in the biggest selloff of the year.

The Dow Jones Industrial Average fell 203.66, or 1.57%, to 12,759.15. The S&P 500 dropped 20.97, or 1.54%, to 1343.36. The Nasdaq fell 40.16, or 1.36%, to 2910.32.

Jon Najarian said on CNBC's "Fast Money" TV show the factors leading to today's selloff were similar to "birthing pains" ahead of some important events later in the week such as Apple's ( AAPL) iPad3 announcement on Wednesday, the deal with Greece's creditors and Friday's jobs report. He said he has seen this market pattern before.

For a breakout of some stocks from a recent "Fast Money" TV show, check out Dan Fitzpatrick's "3 Stocks I Saw on TV."

3 Stocks I Saw on TV

Karen Finerman wasn't surprised by the pullback. She said she didn't detect panic in the markets, adding she had her buying list out today for prospective picks.

Tim Seymour said investors need to exercise some caution in what he called a stockpicker's market. He said the expensive stocks are missing badly and the market is paying a lot of attention to macro events such as Friday's payroll number.

Seymour said he saw some buying opportunities in today's selloff in gold and Freeport McMoRan ( FCX). Mike Khouw agreed, noting Consol Energy ( CNX) as a good pick as metallurgical coal prices seem to be bottoming.

Abigail Doolittle, founder of Peak Theories Research, had a much more sobering technical view of the markets. She said the S&P has slipped back to the top of its two-year trading range and could decline further, with the first target being 1159 and the second target 1075.

She said she sees the same bearish patterns in the Russell 2000 and the Materials Select Sector SPDR ( XLB).

She said Apple is heading up in near term but could run into problems if it reverses and falls below $500.

Melissa Lee, the moderator of the show, asked the trading panel to come up with low-beta picks that could ride out a bearish market and outperform the S&P. Insana chose Philip Morris International ( PM), calling it recession-resistant. Tim chose Lorillard ( LO), while Finerman picked CVS Caremark ( CVS), Mattel ( MAT) and Target ( TGT).

Najarian liked Davita ( DVA), TJX ( TJX ) and O'Reilly Auto ( ORLY).

In a light segment on another perspective on Apple stock, Najarian speculated on what investors might gotten in the way of a return if they invested in Apple instead of something else in 2002. For example, if a person took $228,000 and invested in Apple instead a new home, the return would have been $9.9 million. The $31,000 spent on college tuition 10 years ago would be worth $1.35 million if it were invested in Apple stock.

How much of a threat will Apple's iPad 3 be to ( AMZN)? Citigroup analyst Mark Mahaney said Amazon will survive the iPad 3. He noted that Amazon had lowered the price point of its Amazon Web Services, which ranks as one of top two derivative plays off cloud computing.

Moreover, he said Amazon is faring well with its Kindle and Kindle Fire and will be providing low-priced, better form tablets for females that can fit in purses.

He defended Amazon's lofty valuation, saying it is a big cash flow machine and the kind of stock an investor would want to buy because the company is a quarter away from coming out of a margin trough.

How will Obama and Romney benefit from the economy? Finerman said Obama will likely win if the economy contnues to improve. However, she said an economic downturn would benefit Romney but won't help the stock markets.

Najarian said Obama's encouraging remarks about a stronger economy doesn't square with the extent of unemployment and $5 gas. Insana said the economy is stronger, as evident in the plentiful job opportunities in tech manufacturing and energy.

Seymour said the detrimental programs that might hurt the economy such as Obama's health care plan won't be felt for a couple of years.

Lee noted that Samsung is rolling its smart TVs ahead of Apple's touted TV. She said Samsung's TV will feature voice and motion control, facial recognition and allshare play. Insana said he doubted whether Samsung will gain first-mover advantage by coming out before before Apple's TV.

Lee brought in Geoffrey Jacobs, principal for The Empire Group, which is enjoying solid returns after buying 1,000 foreclosed homes in 2009. He said he hasn't sold one home and has enjoyed gross yields of 12% to 15% in bubble markets because of the surprising strong rental market.

He said buying in bulk has allowed him to take advantage of economies of scale to keep costs down. However, he said the market is changing as institutional investors, sensing the strength of the rental markets, are moving in.

In the final trades, Khouw said he was looking to sell some puts in Consol Energy. Seymour said he would buy Philip Morris International at $82. Insana said he wouldn't do anything at the moment. Finerman said she was going to sell April 50 calls in Verifone ( PAY). And Najarian said he was betting the run is over in ViroPharma ( VPHM).

-- Written by David Tong in San Francisco.

>To contact the writer of this article, click here: David Tong.

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