‘You can’t get too bearish’ after down day: Pro

Market at critical point: Trader
Market at critical point: Trader   

Following a down day for stocks, investors don't need to run and hide just yet, Brian Kelly of Brian Kelly Capital said Wednesday.

Major stock indices saw sharp declines, posting the worst start to October since 2011. The Russell 2000 also moved into correction territory, down 10 percent from its July high, and 13 percent of its stocks hitting new 52-week lows.

"You can't get too bearish here until the dips aren't bought, and this is a dip," Kelly said. "So, until this dip is not bought, you can't be bearish. That being said, you have some changing economic fundamentals around the world."

Read MoreScary October start for stocks; Russell in correction

Selloff a buying opportunity: Pro
Selloff a buying opportunity: Pro   

On CNBC's "Fast Money," Kelly also said that "chatter" was rising about what the market might do if the Fed initiated a fourth round of quantitative easing. "People are starting to think about that."

OptionMonster's Jon Najarian said he didn't see signs of panic just yet, despite negative economic news from Germany, Italy, the United States, a possible second U.S. case of Ebola and unrest in Hong Kong.

"We had pretty much the kitchen sink thrown at the market today," he said. "So, if you're somebody who's willing to buy on dips, you certainly would be heartened by what you saw today because you would've thought this was a 500-pointer, based on all those things I just cited, and they barely got it down 200 today."

Earlier on "Halftime Report," Joe Terranova of Virtus Investment Partners said he thought the correction for stocks wouldn't be over "until we have a down-500 day. And I think the potential for that in the next month is there."

Read More Potential for 500-point drop next month: Trader

Private Advisor Group's Guy Adami—who previously said the Russell 2000 ETF, IWM, would hit 108—pointed out the index already had been in trouble before investors started seeing the newest nerve-wracking headlines.

Adami added that he was "bothered" the Dow Transports were down 2½ percent.

"What was support at 1,970 now becomes resistance," he said. "So, that 1,904 level that I've talked about seems now to be in play."

Read MoreWhat to expect next from momentum stocks: Pros

Tim Seymour of Triogem Asset Management warned against making a play for gold or the miners. "I don't think it is the place."

But this week's European Central Bank meeting and the U.S. payroll report on Friday were two more points to watch, he added.

"At the end of the day, people will still be watching the Fed and where we are with wage inflation, and if anything, you might have the worst of both worlds," he said.