On CNBC's "Fast Money," Kelly also said that "chatter" was rising about what the market might do if the Fed initiated a fourth round of quantitative easing. "People are starting to think about that."
OptionMonster's Jon Najarian said he didn't see signs of panic just yet, despite negative economic news from Germany, Italy, the United States, a possible second U.S. case of Ebola and unrest in Hong Kong.
"We had pretty much the kitchen sink thrown at the market today," he said. "So, if you're somebody who's willing to buy on dips, you certainly would be heartened by what you saw today because you would've thought this was a 500-pointer, based on all those things I just cited, and they barely got it down 200 today."
Earlier on "Halftime Report," Joe Terranova of Virtus Investment Partners said he thought the correction for stocks wouldn't be over "until we have a down-500 day. And I think the potential for that in the next month is there."
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Private Advisor Group's Guy Adami—who previously said the Russell 2000 ETF, IWM, would hit 108—pointed out the index already had been in trouble before investors started seeing the newest nerve-wracking headlines.
Adami added that he was "bothered" the Dow Transports were down 2½ percent.
"What was support at 1,970 now becomes resistance," he said. "So, that 1,904 level that I've talked about seems now to be in play."
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Tim Seymour of Triogem Asset Management warned against making a play for gold or the miners. "I don't think it is the place."
But this week's European Central Bank meeting and the U.S. payroll report on Friday were two more points to watch, he added.
"At the end of the day, people will still be watching the Fed and where we are with wage inflation, and if anything, you might have the worst of both worlds," he said.