Chief Market Strategist for Virtus Investment Partners Joe Terranova sees the market very differently. He thinks stocks are cheap and doesn't see how the S&P can possibly trade a lot lower given the current multiple of about 13.5. "You'd have to see negative earnings growth, not just in the quarter ahead but for many quarters to come for the S&P to drop sharply."
Others like Brian Kelly, founder of Shelter Harbor Capital, said the next move in the market is all about what comes next from central banks. “Now you have the hope rally, the hope of QE, the hope of China stimulus and the hope that the ECB will come in,” he said.
Pete Najarian of OptionMonster says if you're a trader pay attention to the VIX, Wall Street's fear index, which has been trading at elevated levels but more recently has pared gains. "Let that inform your trades," he says, suggesting that with less fear in the market, the path of least resistance is probably higher.
Posted by CNBC's Kirsten Chang
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