NEW YORK (TheStreet) -- The S&P 500 closed flat on Wednesday's trading session while gold rallied 1.45%.

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner of Triogem Asset Management, said he would sell the rally in gold and buy the pullback in emerging market equities. The S&P 500 seems poised to decline to 1,880. 

Pete Najarian, co-founder of and, said investors appear to be fleeing to "safety trades." He added that some stocks such as Target (TGT - Get Report) appear oversold but most stocks seem to have more downside ahead. 

Guy Adami, managing director of, pointed out that the 1,915 level in the S&P 500 continues to hold. If equities rally strongly off this level, investors should not sell it short. However, he reasoned that the S&P 500 seems more likely to trade down to 1,860. 

Steve Grasso, director of institutional sales at Stuart Frankel, suggested that Wednesday's low of 1,911 in the S&P 500 is an important level to watch. If it breaks, 1,860 is in play.

The German equities index, the DAX, has declined 10%, officially entering correction territory. Despite being oversold, Seymour thinks there is another 3% to 4% of downside. 

Adami said the Market Vectors Russia ETF (RSX - Get Report) is almost a buy. 

Larry McDonald, senior director at Newedge USA, said that if Russia were to invade Ukraine, the S&P 500 could decline 15% to 20%. He reasoned that WTI crude oil prices should be higher, closer to $115 per barrel, based how much oil is exported by Russia. He also pointed out that many big funds have been buying short-term CBOE Volatility Index (VIX.X) contracts and selling long-term contracts. 

Adami agreed with McDonald's scenario but Seymour disagreed U.S. equities would correct by that much if there was an invasion. 

Bank of America (BAC - Get Report) raised its quarterly dividend from 1 cent to 5 cents per share and appears close to reaching a $16 billion to $17 billion settlement with the Department of Justice regarding its mortgage back securities business. 

Grasso said shares of BAC could decline below $15 but it would be good news for it to get the litigation issues over with. It will be his go-to stock to purchase when looking to get exposure to the financial sector. 

Walgreen (WAG) declined 14% after announcing that it will not go through an inversion with its offshore acquisition of Boots Alliance, while also providing lower-than-expected 2016 guidance. Seymour said most of the selloff is likely tied to the guidance, which came in almost 15% below analysts' expectations. 

Najarian and Grasso both disagreed, saying most the stock's decline was related to its decision to remain domiciled in the U.S. 

Adami is not a buyer of FireEye (FEYE - Get Report) because it has lost its credibility with investors. 

Grasso said he is still long Southern Company (SO - Get Report) for its dividend yield and "defensive" nature. 

Tim Nollen, senior media analyst at Macquarie Group, said Twenty-First Century Fox (FOXA) reported good earnings  after beating on top- and bottom-line expectations. He added that its attempted acquisition of Time Warner (TWX) is now off the table, and it had been attempted out of "opportunity, not need." Nollen is bullish on the media industry. 

Najarian said the industry looks strong but Disney (DIS - Get Report) is his favorite pick. Adami likes Disney, too, but said Time Warner appears to have the most upside. He reasoned that the stock could bounce "right back to $80." 

Grasso said Pandora (P) could take market share from Sirius XM (SIRI - Get Report) on sports and talk radio. Adami recommended investors not sell the stock short, saying they should only be long or flat the stock because of the risk of a short squeeze. 

Macy's (M - Get Report) climbed 2% and was the first stock on the show's "Pops & Drops" segment. Najarian said the stock seems likely to head higher and retest its 52-week highs.

Tesla Motors (TSLA - Get Report) climbed 4%. Grasso said investors should wait for the stock to break out over its previous high of $265 before getting long. Be careful near current levels, he cautioned. 

Groupon (GRPN - Get Report) fell 13%. Adami said there is no reason to own the stock near current levels unless investors are playing for a bounce due to the high amount of short interest. 

Take-Two Interactive Software (TTWO - Get Report) fell 6%. Seymour said the delay of its new video game, Evolve, is bad news. 

Mark Riddick, senior analyst at Williams Capital, has a buy rating on shares of Keurig Green Mountain (GMCR) with a $125 price target. He said the company will up its SG&A spending and R&D spending ahead of the holiday season and beyond. The company is likely to continue making investments into its products, he concluded. 

Najarian said shares of GMCR do not have enough upside potential to get him interesting in buying it. Adami said investors can buy the dip in shares of GMCR following the good full-year guidance. 

Adami said Jack In The Box (JACK - Get Report) should be trading above $60 but is being dragged down by some of its peers. Its Qdoba brand is undervalued, he added. 

Seymour said investors really need to do their research when buying Chinese equities such as New Oriental Education & Technology Group (EDU - Get Report). He likes Tencent (TCEHY), Baidu (BIDU - Get Report), and E-House Holdings (EJ). 

Najarian said First Solar's (FSLR - Get Report) full-year guidance looks good and the company has a strong balance sheet. It should trade above $70 soon. 

Grasso said he would avoid shares of Targa Resources Partners (NGLS). Instead, he is a buyer of Halliburton (HAL - Get Report), Baker Hughes (BHI) and Weatherford International (WFT).

Adami called Chicago Bridge & Iron (CBI) a "no touch" near current levels and said it could decline to the low $50s. 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter.