During CNBC's "Fast Money," Guy Adami, managing director of stockmonster.com said that while there were some harsh selloffs earlier in the week, it was constructive price action. The iShares Russell 2000 ETF (IWM) found support near $121 and bounced higher, which is good.
Tim Seymour, managing partner of Triogem Asset Management, pointed out the strength in copper. He said shares of Freeport-McMoRan (FCX) are likely to head higher and the mining industry is forming a bottom.
Brian Kelly, founder of Brian Kelly Capital, added the U.S. dollar seems likely to rally. However, he is inclined to take profits in the iShares S&P GSCI Commodity-Indexed Trust ETF (GSG), which generally underperforms when the dollar rises.
To Steve Grasso, director of institutional sales at Stuart Frankel, European financial stocks look likely to rise as the euro seems likely to gain strength. However, he doesn't think the rest of the European 600 index will rise with it.
Kelly is bearish on the utility sector, saying rising rates will hurt. The Utilities Select Sector SPDR ETF (XLU) could be headed for a "major breakdown," he said.
Greek bonds don't look very promising, Seymour pointed out. While the issues in Greece won't be resolved this weekend, he is optimistic the country will figure out its issues before time runs out.