Seymour saw some value in shares of JCP, pointing out that sentiment can change very quickly in stocks where there are a lot of short-sellers. 

Finerman said the share buyback plan at Nordstrom (JWN) is likely improving the company’s forward guidance. She is still a buyer of Macy’s (M). Adami is also a buyer of Macy’s near current levels, and said investors could buy Nordstrom around $63.50 or $64.

Seymour called General Motors (GM) a long-term investment that has some short-term headwinds. He is long the stock and finds its valuation attractive. 

Adami said he likes the auto derivative plays such as Delphi Automotive (DLPH) and BorgWarner (BWA). He agreed General Motors is a long-term play. 

Seymour remains positive on the global economy, saying Germany’s drop in GDP should be relatively short-lived. 

Kelly suggested that there are “pockets” within the U.S. economy that will do well, regardless of what’s going on in Europe. Adami is a buyer of U.S. Treasury bonds.

Kelly said he is selling short Brent crude oil and he “plans to be in this one for a while.” He sold the December futures contracts. He also suggested investors could sell short the Canadian dollar and/or the iShares MSCI Canada ETF (EWC) because of its dependency on oil prices. 

Seymour said a short position in the Canadian dollar or the CurrencyShares Canadian Dollar Trust ETF (FXC) is one of the best ways to play a long U.S. dollar position. 

Kelly told investors not to bet against hedge fund manager Carl Icahn, who has a new position in Gannett (GCI). However, he said investors who want to buy the stock should wait for a pullback.

Read More: 8 Stocks George Soros Is Buying in 2014

Paul Hickey, co-founder of Bespoke Investment Group, said when the most heavily shorted stocks decline, it’s usually because investors are feeling “risk-averse.” He said SunEdison (SUNE) and Conversant (CNVR) could be two stocks that are ripe for a short-squeeze. He added that the last time the S&P 1500 had this high of a short-interest was in November 2012 before equities had a strong rally. 

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