Stocks erased their early losses, spurring some traders to talk about the possibility the selloff would be quick, even with geopolitical and other concerns looming.
In premarket trading Thursday, stocks were lower on worries that Saudi Arabia's military move into Yemen was a precursor to a broader Middle East conflict. By the opening bell, stocks were down but off the morning's worst lows set in the futures market. Oil spiked, with WTI futures bouncing over $52 a barrel before trading back around $50.
"The morning dip was bought but you kind of saw this before the open," said Daniel Greenhaus, chief global strategist at BTIG. The major indexes, lower all morning, were positive in afternoon trading before heading lower in to the close.
But Greenhaus said the market's real near term resolution may not come for several weeks. "Intraday action is always unpredictable but from a longer term perspective ... we think you have to start hearing from companies on what's going on with earnings and the dollar."