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.
The iShares 20+ Treasury Bond ETF (TLT) traded well on Thursday but wasn't so hot on Friday, falling 1.55%. It's struggled this week and next week will be crucial when it comes to determining which way bond yields will go, Adami said.
LinkedIn had ugly results and a big selloff, but it seems like an overreaction, Seymour said. The company still has a "dominate" position in its industry and investors should stay long, he said. Adami finds LinkedIn attractive at current levels after the stock found support at $205.
"I think at this point you have to get out" of Twitter because its management is failing to execute, Kelly said. Twitter is still up 5% on the year but seems likely to give up those gains in the ensuing days or weeks, Grasso added.
Alibaba hasn't traded well either, trading within pennies of its 52-week low on Friday. Investors who are long can use $80 as a stop-loss, Adami said. He suggests waiting for the stock to breakout over $85 before getting long. Alibaba reports earnings on Thursday.
Whole Foods Market has pulled back over the past few months, which has created an attractive buying opportunity ahead of Wednesday's earnings results, according to Kelly.