NEW YORK (TheStreet) -- Initially, the S&P 500 ETF (SPY - Get Report) climbed as high as 1% in early Wednesday trading. However, it has since fallen into negative territory, despite global equities rallying and with the Nikkei climbing a robust 7% overnight. 

It seems like the JOLTs data, which was the strongest in 15 years, is what started the selling, Stephen Weiss, founder and managing partner of Short Hills Capital Partners LLC, said on CNBC's "Fast Money Halftime" show. 

While good economic data may seem like good news, it increases the likelihood that the Federal Reserve will indeed raise interest rates later this month. The Fed's decision will likely have a "knee-jerk reaction," Weiss said, but after that, investors will get back to fundamentals. 

Weiss still contends that stocks are fairly to slightly overvalued at current levels and that equities "aren't out of the woods completely yet," as it's unknown what China's stimulus plan will include -- but it's good to hear that BlackRock (BLK - Get Report) CEO Larry Fink appears to be helping. 

The Chinese economy will probably get a little better, before it gets worse, said Joseph Terranova, senior managing partner at Virtus Investment Partners. The increased volatility over the past few months has "overwhelmingly concerned" investors, but it's good to see that officials are reaching out to important financial leaders, he said, referring to Fink. 

It's not that China is incapable of managing its stock market, it just doesn't have much experience. Jon Najarian, co-founder of optionmonster.com and trademonster.com, says country officials have taken the "shotgun approach" by trying a vast array of different strategies. 

In regards to the Fed, Terranova said it has the economic data that it needs to support a rate hike. The hike, which will likely be for 25 basis points, won't have a dramatic impact on the market. 

Pete Najarian, co-founder of optionmonster.com and trademonster.com, agreed with Terranova that the rate hike isn't as big of a deal as everyone seems to be making it. Investors have known about it and have been anticipating the move for months now. China is the bigger picture. 

While China has been volatile, there's someone out there who still likes the region from an investment perspective: Jon Hirtle, CEO of Hirtle Callaghan. He's quick to point out that he likes the H-shares, not the A-shares, and believes that emerging markets could generate impressive returns over the next three to five years. 

Emerging markets are simply dislocated, and he believes it's a good time to buy when others are frightened.

Hirtle feels the same way about energy. He considers an investment in the sector as a partial hedge against inflation, with oil priced near $45. If inflation ticks up, oil prices likely will, too. Between ConocoPhillips (COP - Get Report) , Royal Dutch Shell (RDS.A - Get Report) , Exxon Mobil (XOM - Get Report) and Chevron (CVX - Get Report) , the four companies have a combined dividend yield of 5.5%. Essentially, these companies will pay investors 5.5% to wait for them to figure out how to overcome the current environment. That's pretty attractive, Hirtle reasoned.

Hirtle says the U.S. bull market is still intact, making the case that with global interest rates so low, there's nowhere else compelling enough for investors to put their money.

The conversation turned to Apple (AAPL - Get Report) , which held its keynote event Wednesday afternoon. 

Steve Milunovich, equity research analyst at UBS, says the focus right now is on Apple's event, but he's looking out to the December quarter and how the company's iPhone sales will shape up. That will be the big mover, he said. However, Wednesday's event should cement investors' confidence in the new iPhone. 

Expectations are low, as the stock has traded lower in the months leading up to the event, Milunovich said. So shares could rally afterward. The company's big risk is China, where 25% of its revenues are generated. He has a buy rating and $150 price target. 

Pete Najarian made the point that Apple's new iPad Pro could be a game-changer in the enterprise business. This could revitalize iPad sales, he reasoned. Terranova agreed, adding that Apple has sound fundamentals and a strong balance sheet.

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