Stocks give up gains. Experts weigh in on the state of the market (via TradingNation)
"Just think about the last 500 Dow points [Monday]. I don't know. They were done in, what, about 30 minutes. That's not sustainable. There are people who are just anxious about taking something off the table because they've just seen a remarkable two-day bull market, and now they're ready to find out about ... the various stages that we need to get out."
David Kostin, chief U.S. equity strategist at Goldman Sachs, also expressed that the bottom wasn't in for stocks, and that history may very well repeat itself to investors' chagrin. "The way I think about this is [there's an asymmetry] in terms of downside risk towards a level in theof around 2,000, which is about 25%, and an upside of around 10% to a target at the end of the year of around 3,000. [That's not symmetrical] in terms of timing. I think the risk is a lot further towards the downside ...
David Lebovitz, global market strategist at J.P. Morgan Asset Management, said that the market is about to enter a transition phase. "This has been a very headline-driven, heavy beta environment where markets have been swinging up and down multiple percentage points in a given day. ... What the next couple of weeks are going to tell us, from an earnings standpoint, is going to shift that focus to more of micro and I think you're going to see greater dispersion, greater differentiation between winners and losers.
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