Looking for a bottom? These may be signs: Hickey

An up day is welcomed, but don't get too excited, Paul Hickey co-founder of Bespoke told CNBC. His comments come as Wall Street rallied on Friday, a day after a global sell-off.

"The day-to-day moves are more fickle than a 4-year-old," he said in an interview with "Power Lunch."

Uncertainty has taken a hold of market sentiment, as investors don't know if the panic selling is nearing an end or if the markets are pointing towards recession. Billionaire investor Mark Cuban admitted to CNBC on Thursday that he's confused about the markets, too.

While Hickey wouldn't bet the bottom is in, he thinks it may not be far off. Hickey believes there are encouraging signs, which include low sentiment measures, new lows in the S&P 500 and the 10-year yield dropping below the S&P 500 dividend yields.

Consumer sentiment came in at 90.7 on Friday, which was below Reuters analysts' expectation.

Similarly, Bill Stone, chief investment strategist at PNC Asset Management Group, would agree that the market may be close to a bottom, rather than more pain.

"I think we are getting closer, and certainly sentiment is really washed out," Stone said.

Movements in oil prices and central bank policy have been driving market sentiment as of late. Investors are eyeing the Fed to see whether the central bank will mimic Japan, which recently implemented negative rates.

"If things were to turn in a surprising direction and the outlook in the U.S. were to deteriorate sharply, I think there are a lot of things that we would do long before we would really think about moving to negative interest rates," New York Fed President William Dudley said in a press briefing on Friday. "So to me, that's not really something that should be part of the conversation right now."

The market jumped following Dudley's statement. Market watchers have not been favoring negative rates. Dick Kovacevich, former Wells Fargo CEO, told CNBC's "Closing Bell" on Thursday that negative rates are a bad idea and devalue currencies.

Stocks traded higher on Friday. However, the Dow Jones industrial average lost over 400 points during intraday trading on Thursday, before the index gained some ground to close down 255 points. The gains were attributed to chatter about a possibility of OPEC cutting production.

WTI closed up 12 percent on Friday, as investors continue to hope that the talk of a possible production cut materializes.

Mike Binger, senior portfolio manager at Gradient Investments, argues that stocks have already corrected 20 percent in the U.S. and concerns are priced in the stock market.

"The bias is positive right now," Binger said. "I think the economy is OK."