NEW YORK (TheStreet) -- The S&P 500 slid once again on Tuesday, closing down 0.58%. The Russell 2000 fell 0.94%.
Brian Kelly, founder of Brian Kelly Capital, said it is too early for investors to say the "top" is in for the stock market. The Alibaba (BABA) initial public offering doesn't seem like a bubble either because the company is highly profitable, unlike many other bull-market tops that had highly valued, unprofitable companies going public at the time.
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Kelly also said the price action of the Russell 2000 concerns him because the companies in the index should be benefiting from the stronger U.S. dollar. However, the index continues to struggle.
Dan Nathan, co-founder and editor of riskreversal.com, reminded investors the Alibaba IPO went very well, up 38% in the first day, so its pullback shouldn't be surprising. He added that a pullback to 1,900 in the S&P 500 would be healthy while not doing too much damage.
Guy Adami, managing director of stockmonster.com, said he doesn't think Apple (AAPL) will decline to his previous target of $88 anytime soon. The iShares Russell 2000 ETF (IWM) seems like it will decline to $108 as the iShares 20+ Year Treasury Bond ETF (TLT) continues to rally.
Karen Finerman, president of Metropolitan Capital Advisors, said large-cap stocks are still likely to outperform small-cap stocks. It's surprising how well Amazon (AMZN) continues to trade despite the introduction of Alibaba, which is far more profitable that Amazon.
Adami said the selloff in shares of Yahoo! (YHOO) seems "overdone."
Edward Mills, senior financial policy analyst at FBR Capital Markets, said the U.S. government is making it harder and less attractive for companies to do tax inversions, or buying a foreign company to move operations abroad and avoid U.S. taxes. However, he said it can still be worth doing in select situations.
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Finerman said shares of some of the companies that recently merged with foreign companies order to avoid higher U.S. taxes will likely decline further before offering a better buying opportunity.