Investors have been getting out of emerging markets lately, but has the selling gone too far?

The emerging market play has been tough, but "Fast Money" trader Tim Seymour thinks there's still some value to be found if you know where to look.

"EM valuations are in an extraordinary place, but with global growth cooling, you should temper your desire to jump in with two feet," the EmergingMoney.com founder said. "The places to be most cautious are the economies that have the largest percentage of their GDP from net exports."

Seymour said the list includes Taiwan, Hong Kong and Korea, for example. He is cautious of all of these areas.

On the other hand, Seymour is very excited EM nations with the strong domestic economies. He likes Brazil and Turkey in particular.

And that begs the question - how to play it?

Seymour suggests looking at banks. "They're best positioned," he explained, with Brazil-based Banco Bradesco  among his top recommendations.

And if you're feeling adventurous and have an appetite for a little risk, Seymour suggests looking at "high flying, deep value" plays out of Peru and Argentina. Buenos Aires-based Banco Macro and Banco Patagonia Sudameris are among his firm's favorites. "They're fantastic franchises and they also trade at attractive valuations and provide a nice dividend yield."

Elsewhere in emerging markets, options trader Pete Najarian expressed interest in Russia by way of the Market Vectors Russia exchange-traded fund . After all, Najarian noted Russia trades very cheaply.

Seymour agreed, but with all the violent moves in global markets he thinks the RSX will have exagerated moves in either direction. In the near-term, "I would be a little cautious of Russia, quite honestly," Seymour said.

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Trader disclosure: On August 19, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Cortes owns (JNJ), (WMT), ( SO ), (GS), ( MS) and crude. Steve Cortes is short Gold & Silver. Pete Najarian owns (AAPL), (C), (HPQ) and (MS). Tim Seymour owns (AAPL) and (BAC).

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