‘Talk of Dr. Copper Is Crap’: Weiss

Copper's downward price action isn't foreshadowing a broader economic decline, Stephen Weiss of Short Hills Capital said Wednesday.

"Copper's purely an indication of oversupply in the channel," he said. "That's true of iron ore. That's true of the other metals, as well as China slowing.

"I think, frankly, any talk of 'Dr. Copper' is actually crap. There's no such thing as 'Dr. Copper.'"

The industrial metal is believed by some to be a reliable predictor of turning points in the global economy.

On CNBC's "Fast Money," Weiss noted that copper was in tight demand until recently.

(Read More: 'Dr. Copper' Has Raised Doubts About Recovery)

Weiss also reiterated that he had expected a pullback in stocks.

"I've been cautious on the market," he said. "No surprise that it's here because nothing goes up in a straight line."

Brian Kelly of Shelter Harbor Capital said that he had been bearish for about four weeks.

"Covered a lot of my shorts yesterday, particularly European stocks, and this morning I put them all back on," he said. "I was long bonds yesterday. I sold them just to take profits. This morning, I went back and bought TLT, bought Canadian bonds, bought U.K. bonds. I am as short and as bearish as I ever could be."