More ups and down were in store for investors in the next week, Najarian said.
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"It's something I think we all need to be prepared for," he added.
The Dow Jones Industrial Average sold off 115 points, its worst drop in 2014, while the Nasdaq and the S&P 500 took the biggest hit since May 2012.
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Stuart Frankel's Steve Grasso said that he was more concerned about the macro situation, and he said that the indices needed to get below their 200-day moving averages, a level not tested since 2012.
"We did that, but I think we have more to do. We have to break through it," he said. "We've got to be below it for a couple of days to convince the buyers to get back in."
Grasso said that stocks would need to stay below the 200-day moving average for two to four days for that to happen.
Private Advisor Group's Guy Adami noted that the S&P could be setting up for a bounce.
"Even if we are in a bear market—I'm not saying we are—the biggest rallies are in bear markets," he said, adding that Monday could see the S&P open down 8 points and then rally 25 points higher. "I think that's we're setting up for."
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Brian Kelly of Brian Kelly Capital said that there was too much negative news at play for him to consider buying the dip.
Kelly cited several bearish factors, such as weak economic data out of Germany and China, as well as the European Central Bank's move away from quantitative easing as the Federal Reserve is looking to end it, plus a stock selloff at the start of earnings season.
"I think it's very difficult to step in and buy at this point," he said.
Yet Kelly said that he wasn't an uberbear, just short most equity markets with the exception of the U.S.
"Everybody thinks I'm 100 percent short the world," he said. "I'm like 70 percent short the world."