On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said he is staying short German equities. However, economic data from China and the U.S. weren't bad but investors just seem scared right now. This is not a time to panic.
Brian Kelly, founder of Brian Kelly Capital, said investors are simply readjusting their expectations for when they believe the Federal Reserve will raise interest rates. He covered his short position on German equities.
Steve Grasso, director of institutional sales at Stuart Frankel, pointed out the S&P 500 "stopped on a dime" at 1,916, just a few points above support at the 100-day moving average.
Read More: 4 Stocks Warren Buffett Is Selling in 2014
Dan Nathan, co-founder and editor of riskreversal.com, said the Fed is in a rush to end quantitative easing, but is not in a rush to raise rates. He also pointed out volatility has been coming back into the market and questioned what would happen if the labor market deteriorates significantly when the Fed stops its stimulus plan.
Guy Lebas, chief fixed-income strategist at Janney Montgomery, said July's non-farm payrolls report was a little weaker than expected but doesn't alter the longer-term outlook. He added that junk bonds have been selling off, in part, because of selling in the exchange-traded funds. Eventually, investors will step back in, he suggested.
For their "best protection trades," Seymour is a buyer of Citigroup (C) because of its low valuation and how higher rates will benefit it, while Grasso is a buyer of Apple (AAPL). Nathan is a seller of the PowerShares QQQ Trust ETF (QQQ) via a long position in put options, while Kelly is a buyer of the iShares MSCI Brazil Capped ETF (EWZ).
Grasso suggested GoPro (GPRO) will eventually have too much competition despite being a leader in its category. Nathan added that it doesn't make sense for the stock to be looked at as a media company.
Seymour suggested that GoPro trades with a very unreasonable valuation. Kelly added that he is a buyer near $32.
Read More: 10 Stocks Carl Icahn Loves in 2014
Seymour said he likes Ford (F), which hasn't lowered its prices too much and continues to see strong results from its most profitable and top-selling vehicle, the F-Series pickup. He also likes Fiat (FIATY).