The index is "probably a buy" right now, Najarian said. Options in the CBOE Volatility Index—which measures expectations for market uncertainty—also look appealing if choppy trading continues, he added.
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It spiked more than 10 percent on Tuesday to sit below $17.
Some stocks should prove resistant to a strong dollar, trader Karen Finerman said. She bought calls in United Rentals, which fell more than 4 percent to $87 per share on Tuesday.
It holds upside as it conducts most of its business in the U.S., Finerman said.
"It's almost immune to [a strong dollar]," she said.
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Trader Steve Grasso looked at E-Trade Financial and Charles Schwab, which he called "interest-rate speculative plays." He believes the stocks will climb higher "in what should be a rate increase sooner or later."
E-Trade and Schwab both lost ground on Tuesday, closing around $27 and $30 per share, respectively.
Steve Grasso is long AAPL, BA, CLVS, EVGN, FB, GDX, GOOGL, IMMR, KBH, KDUS, MHY, MJNA, PFE, POT, SO, T, TMUS and TWTR. His firm is long AMZN, AVP, EOG, NE, NEM, OXY, RIG and VALE. His kids are long EFG, EFA, EWJ, IJR and SPY.
Dan Nathan is long BBRY June call spread, CTRP March puts, IBB April put spread, KO March put spread, M March 65/67.50 call spread, QQQ May 108/98 put spread, SHAK, TWTR, XLF March put spread, XHB April 35/32 put spread and XRT March 90/85 put spread. Today, he bought IBB April put spread.
Karen Finerman is long BABA, BAC, C, FINL, FL, GOOG, GOOGL, JPM, M and KORS. She is short DIA. Her firm is long AAPL, BAC, C, CMLS, DIS, FINL, FBT, FL, GOOG, GOOGL, IBB, JPM, M, KORS, XBI, SUNE and URI. Her firm is long calls GPS and URI. Her firm is short MOY, IWM, SPY and USO. Karen Finerman is on the board of GrafTech International.
Pete Najarian is long AAPL, AMAT, BABA, BAC, BMY, BP, CSX, DISC, GE, JPM, KKR, KO, LLY, LOCO, MRK, PEP and PFE. He is long calls AAL, AAPL, AMD, BAC, CAM, COP, DAL, EXXI, FB, FCAU, GE, GM, GRPN, GS, GT, HPQ, IAG, ISIL, JNJ, JPM, KNDI, KRFT, LULU, LYB, MCD, MSFT, NEE, RF, SPY, SYY, UAL, UFS, WFC, WMB and XOM. He is long puts BHP. Today, he bought KRFT calls.