"And I think what you're watching happen, aside from the election drama, is discounting of the fact that Q4 earnings are not going to be so hot, and we still have a lot of question marks."
Brown said he wasn't buying.
"I would much rather allow someone else catch the bottom and me get in after there is some certainty on policy," he said. "I don't see a lot of risk-reward that I like to be just diving in just yet."
On "Fast Money," TheStreet CIO Stephanie Link said that she saw areas of opportunity.
"I'm not happy that we're not rallying again, but focusing on the fundamentals, there are still things that we still like. Housing – that story didn't change overnight," she said.
Link said she sold Weyerhauser and Home Depot, now looking to buy them back, and was buying banks, Bed Bath & Beyond, FXI and Emerson.
"I don't want to be very exposed to the market," said Stephen Weiss of Short Hills Capital, adding that Europe was still dragging. China, he added, would help following its elections, but not for long afterward.
(Read More: Will China's Election Bring Additional Stimulus?)
Joe Terranova of Virtus Investment Partners also wasn't a buyer.
Apple, he said, would be a "buy" at $530 to $540.
Terranova said he was still long Bank of America and was looking to buy Goldman Sachs but didn't like the price action.
"The market today should be rebounding," he said. "It's not. That's problematic."
Trader disclosure: On Nov. 8, 2012, 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 SBUX; Stephanie Link is long GE; Stephanie Link is long CAT; Joe Terranova is long VRTS; Joe Terranova is long SBUX; Joe Terranova is long SWN; Joe Terranova is long TRV; Joe Terranova is long VZ; Joe Terranova is long XOM; Joe Terranova is long CVX; Joe Terranova is long GS; Joe Terranova is long GLW; Stephen Weiss is long QCOM; Stephen Weiss is long BAC; Stephen Weiss is long C ; Stephen Weiss is long JPM; Stephen Weiss is long AIG; Stephen Weiss is short QCOM calls; Joshua Brown is long AAPL.
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