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.