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‘Significant shakeout’ likely for stocks

The stock market correction is still happening, Joe Terranova of Virtus Investment Partners said Monday.

"I've been incredibly bullish throughout the year, and I'll be bullish once again," he said. "But I think that what you've witnessed in terms of price action since the FOMC is a correction. I think it's the beginning of a correction. The market's down today. I think the market's going to continue to go lower."

On CNBC's "Fast Money," Terranova added, "I still see the potential for a significant shakeout in the markets."

(Read more: Why the best play here is gold: Brian Kelly)

Terranova also said that a further expected depreciation in the Japanese yen did not augur well for moving money abroad.

"I do not like the fact that folks have come back into the emerging market trade," he added.

TheStreet CIO Stephanie Link said that buying dips in the stock market was called for.

"On days like today, and we're now down 3½ percent from the highs — on days like today when you get stocks that are getting stocks that are getting really hard, I think you have to go in," she said.

(Read more: 'I don't see uncertainty in the market': Pro)

Link also noted that industrials, biotech and health care names were up.

Anthony Scaramucci of Skybridge Capital said that the headwinds were just a speedbump.

"If you look at the Fed, the economic data and you look at what I think will be a resolution fairly quickly to this government functionality, that bodes very well for the stock market by year end," he said.

(Read more: Bulletproof stock ideas)

OptionMonster's Jon Najarian said that buying the dips was the obvious play.

"That's always the easy 'yes' answer … because it's been so right for so long," he said. "On the other hand, there are a lot of us who, when the volatility popped as it did, that to me was a better signal that we should be selling that. And virtually across the board, that's what you saw."

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

Trader disclosure: On Sept. 30, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long FB; As of 9/24 Joe Terranova is long OXY; Joe Terranova is long MS; Joe Terranova is long LTD; Joe Terranova is long SBUX; Joe Terranova is long VLO; Joe Terranova is long APC; Joe Terranova is short XBI; Joe Terranova is short NFLX; Joe Terranova is short PCLN; As of 9/17 Anthony Scaramucci is long AAPL; Anthony Scaramucci is long C; Anthony Scaramucci is long GS; Anthony Scaramucci is long FB; Anthony Scaramucci is long DIS; Anthony Scaramucci is long GOOG; As of 9/26 Jon Najarian is long AAPL; Jon Najarian is long PNC; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long EEM; Jon Najarian is long BBBY; Jon Najarian is long NE; Jon Najarian is long DAL; Jon Najarian is long YHOO; Jon Najarian is long DNR.

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