NEW YORK (TheStreet) -- The S&P 500 had a large selloff to start the month of February, down nearly 2.3%.
On CNBC's "Fast Money" TV show, Guy Adami, managing director of stockmonster.com, said investors have not seemed panicked. He added that 1,725 would be an important level for bulls to hold in the S&P 500.
Karen Finerman, president of Metropolitan Capital Advisors, said she would be worried about the market if the economic data in February come in weaker than expected. However, she remains optimistic and said the market seems likely to bounce soon.
Tim Seymour, managing partner of Triogem Asset Management, said Monday's ISM number was bad but the rest of the U.S. economic data over the past few weeks have been pretty good.
Brian Kelly, founder of Brian Kelly Capital, said he's still short and still bearish. He would likely look to cover (and others would look to go long) near 1,700 in the S&P 500. We're about halfway through the selloff, he said, which could last a few more weeks.
Dennis Gartman, editor and publisher of The Gartman Letter, said the market could decline an additional 10%. He suggested that the best trade was being neutral or flat (meaning neither long or short) the market. He reminded investors that equities are still in a bull market, but could pull back more than many anticipate.
Yum! Brands (YUM) popped after reporting earnings. Seymour likes CEO David Novak as well as the stock at current levels.
Michael Kors (KORS) was down 4% ahead of its earnings report on Tuesday. Finerman said the stock has been really impressive but expectations are likely to be high. Adami said he would be a buyer in the low-$70 range if it sells off.
AT&T (T) fell 4% on Monday and Seymour said he would avoid it as well as the rest of the sector because all the companies are engaged in pricing wars.
Pfizer (PFE) ended the day slightly higher. Adami said he would not buy the stock based on its breast cancer drug news but because of its valuation and yield.
Guest Peter Stabler, senior analyst at Wells Fargo, currently has an underperform rating on shares of Twitter (TWTR), which reports earnings this week. He said it would be interesting to see if Twitter is growing its user base and how fast it's growing. He also advised investors to pay attention to the company's user engagement statistics. There are two large lock-up expirations coming in the next several months, which could weigh on the stock price.
Adami said he would be a buyer of Facebook (FB) instead of Twitter because its business makes more sense. He also said Twitter only trades at its current levels because there is a shortage of stock and its price will likely decline when more shares come into the market. Finerman concurred.
Seymour said there's no reason to buy Twitter ahead of earnings and, as of now, he would rather own Facebook.
Adami said Take-Two Interactive Software (TTWO) had good full-year guidance but "lousy" guidance for next quarter. He added that investors should watch the stock for an entry on the long side.
Finerman said she bought Apple (AAPL) because it outperformed the market on Monday and has held the $500 level very well. She added the stock has a favorable valuation.
Seymour said he is a buyer a Whirlpool (WHR) at $115, which would offer a favorable entry to a stock that has a low valuation and just reaffirmed 2014 guidance.
Kelly is a buyer of gold, which appears to have bottomed, he said.
George Goncalves, managing director and head of U.S. interest rate strategy at Nomura Securities, was a guest on the show. He noted 10-year Treasury yields are at 12-week lows and 30-year Treasury yields are at seven-month lows. He said everyone expected rates to go higher, which is part of the reason why they declined. He added that poor economic data has also weighed on yields. He concluded that the trade looks "washed out" and 10-year yields are unlikely to significantly break through 2.5%, (currently at 2.62%).
Adami said he thinks the 10-year yield is going to 2%.
AOL Inc. (AOL) was the first stock on the show's "Pops & Drops" segment. Adami said he is a buyer of the stock, which reports earnings later this week.
FireEye (FEYE) slid 9% after announcing a $700 million secondary offering. Kelly said he would be a buyer.
Jos. A. Bank Clothiers (JOSB) fell 5% after rumors surfaced about the company acquiring Eddie Bauer. Finerman said it would be a mistake to make that acquisition instead of merging with Men's Wearhouse (MW).
Ryanair Holdings (RYAAY) jumped 2%. Seymour said he would stay long the stock.
Coffee prices jumped 9% on Monday, after surging 21% in January. As a result, shares of Starbucks (SBUX) traded lower by 3%. Kelly said he would use Monday's weakness as a buying opportunity.
Larry McDonald, senior director at Newedge USA, was a guest on the show. He said emerging markets are near buying levels. He added the iShares MSCI Emerging Markets ETF (EEM) trades with nearly a 4% discount to its net-asset value (NAV), which is "extremely unusual." He said the fund has experienced record outflows and a 10% to 12% rally is in the cards after a bottom is put in over the next 10 trading days.
Seymour wants to stay long Microsoft (MSFT), which seems to be close to naming Satya Nadella, executive vice president of cloud and enterprise at Microsoft, as the new CEO. Kelly disagreed, saying he is a seller now that the CEO position seems to be filled.
Adami said he still likes the airline trade and is a buyer of Delta Air Lines (DAL).
Finerman said she still wants to be long Bank of America (BAC).
For their final trades, Finerman is a buyer of Apple and Kelly is a seller of the CurrencyShares British Pound Sterling Trust ETF (FXB). Seymour is a buyer of Kansas City Southern (KSU) and Adami likes Hartford Financial Services Group (HIG) on the long side.
-- Written by Bret Kenwell in Petoskey, Mich.