The S&P 500 closed at 1,935.10, down 1.5 percent, to hit an eight-week low.
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Triogem Asset Management's Tim Seymour said that volatility was one of the best plays at the moment.
"The easy part about where we are right now is: Being short certain indices gives you a lot of protection, depending on how much premium you want to spend, if you're an options player or you're just being short indices, because we haven't really seen the big selloffs," he said.
Seymour added that he thought the S&P 500 would test a level of 1,905.
"To think we're done with volatility is to be unprepared," he said.
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Seymour also noted another option playing "around the edges" of the market.
"I think Germany now sets up to be the long side of a relative value trade, which probably has either the IWM or even the IBB … on the short side," he said.
Karen Finerman of Metropolitan Capital Advisors said that she bought shares of Macy's and was putting together a "buy" list.
"On the list would be something like Eaton," she said, noting attractive prices in the industrials sector.
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"I think these moves are so big that they're actually setting up for some activist to come in," she said. "Valuations, I think, are pretty reasonable. Could they go lower? Of course. But if I had cojones, I'd be shorting puts here on the S&P."
But, she added, "I don't do that kind of trade."