NEW YORK (TheStreet) -- The selling didn't let up on Friday with the Nasdaq falling 1.34% and the S&P 500 dropping 0.95%.
On CNBC's "Fast Money" TV show, the panel looked shares of General Motors (GM), which fell 4% on Friday to $32.11.
Tim Seymour, managing partner of Triogem Asset Management, admitted the stock looks to be headed to $30 but he was not selling out of his long position. He argued the global auto market is strong and the stock is extremely cheap.
Jon Najarian, co-founder of optionmonster.com and trademonster.com, said the stock looks like it could be headed lower but is at reasonable levels to start buying at.
Steve Grasso, director of institutional sales at Stuart Frankel, suggesting buying Ford (F) instead of GM.
Brian Kelly, founder of Brian Kelly Capital, said momentum stocks still aren't getting much of a bounce. He pointed out Treasury yields continued to move lower, suggesting investors are not as optimistic about the economy as they once were.
Seymour said to sell the rally in gold. He argued that the economy is improving, with the producer price index (PPI) showing a slight increase in inflation, which is exactly what the Federal Reserve is seeking.
Grasso said the S&P 500 has broken below the 100-day simple moving average four times over the past year, not including Friday's breach. Each time, the index stayed slightly below the moving average, before rallying higher. He suggested the market could have more downside ahead if it doesn't rally over the next five trading sessions.
Najarian said there were a lot of upside call buying in the iShares 20+ Year Treasury Bond ETF (TLT), suggesting that Treasury yields may be headed even lower.
The panel looked at some of this week's big losers:
Micron (MU) dropped 6%. Kelly said he would sell the stock despite its good earnings report. He reasoned its future DRAM pricing will be weaker than expected.
Pandora (P) closed lower by 11%. Seymour likes the company but said he would not buy the stock until it was closer to $20. Grasso was a buyer near $25.
Yahoo! (YHOO) fell 4%. Grasso was a buyer at current levels because of the company's stake in Alibaba.
JPMorgan Chase (JPM) fell 7% this week and reported a weaker-than-expected earnings report on Friday. Jeffrey Harte, an analyst at Sandler O'Neill, has a buy rating on the stock with a $66 price target.
He said the bank reported a disappointing quarter and could struggle in the short term. However, he said that its longer term prospects still look promising. He said Morgan Stanley (MS) is his top pick. Harte called Citigroup (C) attractive based on valuation.
Seymour was a buyer of Citigroup.
CNBC's biotech and pharmaceuticals reporter Meg Tirrell was a guest on the show. She said Biogen Idec (BIIB) and Vertex Pharmaceuticals (VRTX) are each down roughly 20% in the past month although each company has positive catalysts. BIIB will be introducing several new drugs this year while VRTX could shoot to $100 -- or drop to $40 -- based on the trial results of its potential $4 billion drug, Kalydeco.
Kelly said investors should wait for the iShares Nasdaq Biotechnology ETF (IBB) to hold the $210 level before considering buying the exchange-traded fund.
Seymour said Google (GOOG) Glass won't "move the needle" for the company. He said investors should consider buying the stock near its 200-day simple moving average because of its high growth and low valuation.
-- Written by Bret Kenwell in Petoskey, Mich.