NEW YORK (TheStreet) -- Despite some positive earnings results, U.S. stocks struggled on Friday, with the S&P 500 falling 1.1% on the day. It was the index's worst week since March and next week will be its busiest week of earnings for this quarter. 

Friday was just a bad case of selling, David Seaburg, managing director and head of sales trading at Cowen and Company, said on CNBC's "Fast Money" TV show. Earnings as a whole this week weren't good enough to hold up the market and Biogen's (BIIB - Get Reportpoor results put pressure on the biotech sector. 

Seaburg exited the market ahead of earnings and does not plan on reentering just yet. 

Tim Seymour, managing partner of Triogem Asset Management, said it's a confusing investing environment, with certain large cap stocks like Amazon (AMZN - Get Report) and Google (GOOGL - Get Report) rallying, while the CBOE Volatility Index (VIX.X also soars higher and commodities continue to get crushed

Seymour sold his position in Citigroup (C - Get Report) and half his long position in Blackstone (BX - Get Report) and is waiting for a better buying opportunity. 

Brian Kelly, founder of Brian Kelly Capital, acknowledged that China's recent weaker-than-expected economic data may have played a role in the selloff, but explained that most investors have already accounted for the country's slower growth rate. 

The fact that Amazon gave up half of its gains on Friday shows that the bullish sentiment is waning. "That's concerning for me going into next week," Kelly said, adding that he would wait for a 5% to 10% correction to start buying again. 


Financials sold off 1% on Friday, which is notable because the sector has been a recent leader, according to Guy Adami, managing director of stockmonster.com. Next week will be important, as 10-year Treasury yields are near support at 2.25% and with the iShares Russell 2000 ETF (IWM near support at $121. 

The S&P 500 has support near 2,054, and it will be interesting to see if the market can hold these levels, Adami added. As for Amazon, investors should stick with the name, as both the stock and earnings are trending in the right direction. 

Oil prices certainly haven't helped stocks, as West Texas Intermediate has fallen roughly 6% this week, closing near $48 a barrel. "We're still producing an awful lot of oil," despite the decline in rig counts, Kelly said of U.S. production. Forty-one dollars is the recent low, but a drop into $30's "is a very reasonable place to see oil fall to," he added. 

If that's the case, investors should stay long the refinery stocks, like Tesoro Corp. (TSO and Valero Energy (VLO - Get Report). Gasoline prices and demand are holding steady, while oil prices (which are an input cost for refiners) are on the decline, Adami explained. Seaburg agreed. 

Seymour made the case that investors should be looking to buy oil stocks, as the selloff has been absolutely brutal. He's looking to high quality E&P companies like Anadarko Petroleum (APC and Hess Corp. (HES.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.