NEW YORK (TheStreet) -- The S&P 500 dropped 1.51% after investors became concerned about global growth, specifically in Europe.
On CNBC's "Fast Money" TV show, Steve Grasso, director of institutional sales at Stuart Frankel, said the S&P 500 seems likely to decline to its 200-day moving average near 1,900 before rallying into the end of the year. He is waiting to buy shares of Google (GOOGL - Get Report) and Apple (AAPL - Get Report) .
Tim Seymour, managing partner of Triogem Asset Management, said that "volatility is back to a level of normalcy," which is a good thing. Investors can still be long the CBOE Volatility Index (VIX.X) as a form of portfolio protection.
Guy Adami, managing director of stockmonster.com, sees the S&P 500 trading down to 1,904 while the iShares Russell 200 ETF (IWM - Get Report) could decline to $103 after failing to find support at $108. The selloff in transport stocks also concerns him, he said.
Karen Finerman, president of Metropolitan Capital Advisors, said she used today's selloff to add to her long position in Macy's (M - Get Report) . Industrial stocks such as Eaton (ETN - Get Report) look interesting near current levels.
Charlie Anderson, an analyst at Dougherty & Company, discussed shares of GoPro (GPRO - Get Report) , on which he has a neutral rating. He called it a "pure momentum stock" that has good fundamentals but not good enough to justify the current stock price.
He said while GoPro has tje potential to be a media company, that is a long ways off, making this consumer electronics company relatively expensive. Most of its peers trade near two to three times sales while GoPro trades at 10 times sales. Anderson added that Ambarella (AMBA - Get Report) , on which he has a buy rating with a $45 price target, gets about 30% of its revenue from GoPro. However, the company also has other stream of revenue from security and law enforcement cameras.
Adami said investors who have been long GoPro should take profits after the stock reversed off its all-time highs and closed lower on Tuesday.
Seymour said investors who think the market is going to decline should sell shares of GoPro because momentum stocks will fall out of favor.
Rachel Rothman, a research associate at Susquehanna Financial Group, said Yum! Brands (YUM - Get Report) continues to disappoint investors with its Chinese operations. Comparable-store sales in China dropped 14% and 13% for its KFC and Pizza Hut brands, respectively. The company would not likely considering spinning off the Chinese business until it has started to post positive sales gains and improving margins.
Seymour said he really likes Yum! Brands CEO David Novak, but the company's business in China doesn't seem likely to turn the corner anytime soon. He likes McDonald's (MCD - Get Report) and Starbucks (SBUX - Get Report) .
Adami said McDonald's has to find support near current levels. The stock could be in trouble if the overall market pulls back. Grasso said investors could look at Domino's Pizza (DPZ - Get Report) on the long side because it does most of its business in the U.S.
Shares of SodaStream (SODA) plunged 22%. Finerman pointed out the CEO said it's time to "change course," which isn't good for investors. She would rather buy the stock when things are going well and not on turnaround news.
Adami said shares of Keurig Green Mountain (GMCR) seem "impervious" to the broader market. The stock made new 52-week highs on Tuesday and is likely to continue higher.
CNBC's Meg Tirrell said the top two Ebola treatments most likely to gain traction come from Tekmira Pharmaceuticals (TKMR) and Chimerix (CMRX - Get Report) . The Chimerix drug, brincidofovir, is appealing because it already has safety data available and can be used for treatment in smallpox. The safety data may make it more appealing to doctors.
Adami said investors can buy shares of Tekmira Pharmaceuticals if they believe the Ebola headlines will continue to be negative.
Seymour said the iShares Nasdaq Biotechnology ETF (IBB - Get Report) seems risky near current levels. The exchange-traded fund closed slightly below its 50-day moving average. If the overall market sells off, investors will not want to be in what's considered a risky asset.
Grasso said shares of Costco Wholesales (COST) have done well in after its last few earnings reports. The company reports on Wednesday.
Seymour said investors have to pay attention to how the strong U.S. dollar affects PepsiCo (PEP - Get Report) in its upcoming earnings report as a clue for how other international stocks will be affected. He is a buyer if the stock sells off.
Harold York, oil research analyst at Wood Mackenzie Principal, said there should be some sort of "floor" near $70 per barrel for WTI crude oil prices, which is near the break-even level for oil producers. If oil were to fall closer to that level it wouldn't be surprising to see a reduction in production, he said.
If companies like Pioneer Natural Resources (PXD - Get Report) , EOG Resources (EOG - Get Report) and Continental Resources (CLR - Get Report) develop the technology to pump more oil from their wells, then supply could increase and weigh on crude oil prices even further, York concluded.
Grasso said he likes shares of EOG Resources. Adami likes Anadarko Petroleum (APC) .
MobileEye (MBLY) climbed 2% and was the first stock on the show's "Pops & Drops" segment. Grasso said he is staying long the stock.
Jonathan Litt, founder and CIO of Land and Buildings, said real estate investment trusts typically sell off when interest rates move higher. However, these selloffs tend to be good buying opportunities. REITs are attractive because they have growing cash flows and increasing dividends. His top two picks include: Pennsylvania Real Estate Investment Trust (PEI - Get Report) and Associated Estates Realty (AEC) , which have roughly 50% and 40% upside in their property values, respectively.
Adami said shares of JetBlue Airways (JBLU - Get Report) are a buy near current levels and ahead of earnings near the end of the month. Grasso is not a buyer of JetBlue or any other transport stocks near current levels. After October and a larger selloff, they'll likely be good long candidates.
Finerman said she is still long Cumulus Media (CMLS) although it has been a terrible ride lower. The company still seems to be on pace to grow its cash and sell some assets. It reports earnings in November.
-- Written by Bret Kenwell in Petoskey, Mich.