NEW YORK (TheStreet) -- Major U.S. markets closed lower Thursday for the third day in a row, but gold took the real hit with the metal down more than 2%.
On CNBC's "Fast Money" TV show, Stuart Frankel's Steve Grasso said that with the S&P 500 down for three consecutive days, he wants to see it test 1,760. "I do think we need to test that level before people feel really good about buying this market," he said.
Guy Adami, managing director of stockmonster.com, said he thought the "real tell" would be the Russell 2000. "That's now underperformed since the end of November," he said, even though it closed up on Thursday.
"I think the culprit today is retail sales," said Tim Seymour, managing partner of Triogem Asset Management. "That was the most important data point we get until the Fed meeting."
Karen Finerman, president of Metropolitan Capital Advisers, said she was buying Citigroup (C - Get Report) today after it traded down. "I'm happy to own it here," Finerman said, "I think a year from now I'll be very happy."
IBM is down over 7% in the last month or so, Grasso said. "Everyone used to look at IBM (IBM - Get Report) as a bellwether for the marketplace and I still think there's a place for that," he said. "So IBM is the tell for me."
Seymour said, "If I'm looking at today's numbers, I'm buying cyclicals, I'm buying commodities. I'm not buying gold."
A bright spot in the market Thursday was what Melissa Lee called "Teflon Twitter." Twitter (TWTR - Get Report)closed at a record high of $55.32 and has more than doubled its value from its $26 offering price just over a month ago.
Brian Wieser of Pivotal Research Group said: "Twitter is an amazing company: fantastic management, great ad products, wonderful traction. The problem is it's just simply overvalued. To the extent that the stock will fall, eventually it will. It has to."
He said that most investors do not understand the company because they are bidding up the price on a product that was announced in July. "I don't think many people are doing what we would call fundamental research," he said.
On Lululemon (LULU - Get Report), which was down 11.65% Thursday, Finerman said she wasn't quite sure what to make of it. "When you're a high flier like they are, you don't have a lot of room for margin misses, you don't have a lot of room for revenue not growing at the rate people expected."
"We focus a lot on the execution of our business model and working on the long-term strategy," Franz said. "So we focus on establishing our service center capacity in Europe, establishing our U.S. facility and do not focus too much on the share price."
The company has a total of 55 installed printers around the globe, Franz said, adding that in the last quarter the company sold three printers. The company provides financing for the printers on a selective basis, he said.
The average selling price is about 500,000 euros, he said.
"There is a huge growth potential," Franz said, adding that the company plans a 50% growth rate for the next 36 to 48 months.
Bill Flynn, president and CEO of Atlas Air Worldwide Holdings (AAWW - Get Report), joined the panel to talk about the air freight company. "Air freight in the last three years really hasn't grown, it's been flat," he said. That is largely because of the miniaturization and convergence of electronic items, like smartphones and tablets.
"I think that trend has pretty much worked through air freight demand," he said, adding that there is good growth in other areas, like pharma.
Credit card stocks were down Thursday after Mastercard (MA - Get Report) announced a 10-for-1 stock split, dividend increase and buyback program. Investors may believe these stocks have maxed out, Lee said.
Jeremy Liew of Lightspeed Venture Partners was the first person to invest in Snapchat and he said he thinks the next big thing will be Whisper.com, which is a mobile app that allows people to share anonymously secrets or thoughts that they might have. Then other people can engage around that content. "It's shown incredible growth since it was started about 18 months ago, up to about 3 billion pageviews a month," Liew said. He called that "a shockingly big number."
Liew said the way to judge these products is, "Are they delighting users?" The way to measure that, he said, is by the number of opens per day and the number of days per month they get used.
On Bitcoin, Liew said, regulation is inevitable and appropriate so that "issues like money laundering and drug financing do not take place." He added that volatility of Bitcoin did not mean it wasn't a good payment method because merchants can trade out of Bitcoin also immediately.
-- Written by Carla Baranauckas in New York.Twitter and become a fan on Facebook.