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Stocks get ‘Wile E. Coyote’ moment

Stocks appeared to have run off a cliff, Josh Brown of Fusion Analytics said Wednesday.

"The market stopped going up, and it was almost a Wile E. Coyote thing," he said. "Throughout the month of July, as long as you didn't look down, the market was fine. Once we looked down, that was the moment where people said, 'OK, too far, too fast. Let's take something off. Too many macro events happening in September.'"

Stocks opened lower and declined further midday.

(Read more: Stocks drop 1%, Dow below 50-day moving average; CSCO skids 6%)

But much like the cartoon character perpetually in pursuit of the Road Runner, the stock market ultimately will bounce back, Brown added on CNBC's "Fast Money."

"I think this is healthy," he said. "I think this is what you want the market to do if you're longer-term constructive. You certainly don't want to see 3 percent gains every month in the S&P and expect that to continue.

"So, if we're going to sell off, here's the good news: Seasonally, this is exactly where we should."

Stephen Weiss of Short Hills Capital noted that stocks had reacted to new initial jobless claims, which had fallen to a 6-year low.

(Read more: The really bad news behind the jobless claims drop)

"It's a pretty ugly," he said. "The market is responding to the claims number, which was a very light number, below consensus, and it was ignoring what we got in manufacturing, which was also a weak number."

Weiss said that the move lower was in anticipation that the Federal Reserve would begin to taper its $85 billion-per-month bond buying in light of the improving economic measure.

(Read more: On Twitter, stock talk is 'buyer beware')

"To me, as I mentioned to you yesterday, I'm sitting in more cash than I've sat in many, many months. Looking for opportunities to get in," he added. "We're not there yet. I may be whistling past the graveyard, but I'm still only looking for another maybe 3 percent down to get in."

Wess also noted that money flows in exchange-traded funds were moving out of the XLF and into GLD.

"That means that people are worried," he added.

(Read more: Rally? Odds are against it, strategist says)

Rosecliff Capital's Mike Murphy noted that stocks experienced a 6 percent drop the last time the market saw the taper looming, compared to the current 3 percent decline.

"It seems to me as if the market is more comfortable with where we are right now," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

Trader disclosure: On Aug. 15, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long F; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long XLF; Stephen Weiss is long M; Stephen Weiss is short JCP; Michael Murphy is long BAC; Michael Murphy is long C; Michael Murphy is long MSFT; Michael Murphy is long LEN; Michael Murphy is long TOL; Michael Murphy is long F; Michael Murphy is long INTC; Michael Murphy is long CAT; As of 8/13: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Stephanie Link is long YUM.

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