The selloff in stocks might offer a chance to pick up promising bank stocks, Triogem Asset Management's Tim Seymour said Wednesday.
Bank of America posted a third-quarter net loss of 1 cent per share on legal settlements stemming from the financial crisis, sending its stock 4.6 percent lower, down to $15.76.
Seymour said financials could continue to decline with the broader market but added that it wasn't a reason to avoid them.
"I'm not sure that the banks and a lot of companies are going to rise up from out of the tape during all this, and I don't think you have to write everybody off," he said. "In fact, I think the banks are an opportunity here."
Seymour also wondered about the investors who were waiting for a pullback. "A month ago, everyone was waiting for a 10-percent correction, and said, 'Line me up. I've got a whole stock list that I want to buy.' And yet where are you now? What has changed in the last month?"
"I don't really think you want to look at small caps right here," RiskReversal.com's Dan Nathan said, adding market worries were spreading. "I think it has moved over to large caps, and I do think there's been some trouble brewing there for a very long time. We don't have the revenue growth that you would expect at this point in the cycle."
Nathan said he was looking for a clue in Google's quarterly earnings, expected to be posted after Thursday's market close.
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"This is going to be a good one, just to see from a sentiment standpoint how the company, or how investors perceive the news and if they're willing to buy back in," he said.
Investors, Nathan added, might have gotten too accustomed to a mostly bullish stock market.
"People were freaking out like we were down 20 percent when we were down 7 percent coming into today," he said. "Well, here's the thing, people: We have not witnessed, other than 2008, a down year in the last 10 years. People don't know what that feels like. It's been kind of a gravy train, obviously, for the last five years."