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Here's some bad news for those sniffing out a bargain in stocks: even after a horrendous week, the market is still trading at an elevated valuation by historical standards.
The S&P 500 slid 5.8 percent in the past week for its worst week since September 2011, taking the large-cap index negative over the past year.
That has some looking to buy. On Friday, Kevin Landis of Firsthand Capital Management said that "all you can do now is try to take advantage of it—take a deep breath, take a look at the lay of the land, and you're going to be glad you did six months from now."
Similarly, Bob Doll of Nuveen Asset Management said Friday that "If you've been one of these people that's been on the sideline as many have waiting, waiting, waiting to put some money in—for goodness sake take advantage and put some money in."
But there's a problem with getting into stocks based on the premise that the recent slide is creating an attractive value proposition.
At Friday's close, the S&P 500 traded at 16.1 times analysts' estimates of the earnings that companies will report over the next year, according to FactSet. This metric, known as the market's forward price-to-earnings ratio, has indeed fallen over the past five months. But it is still well above its ten-year average of around 14.
The backward looking last-twelve-months P/E ratio, which compares current prices to the earnings companies actually reported, is sitting at 17.5. Like the forward P/E ratio, that's not only above historical averages, but above where it was a year ago, per FactSet.
"That strikes me as high," commented David Blitzer, chairman of the S&P Dow Jones Index Committee. "We're in a situation where the valuation does get worrisome, especially since there have been questions about U.S. earnings," given concerns around China and the rest of the emerging markets.
"Some kind of a correction was due," he told CNBC in a phone interview.
The biggest selloff of the year hasn't dented the confidence of the Street's biggest bull.
The S&P 500 and Dow Jones Industrial average both fell more than 2 percent Thursday, marking the worst trading day for both indexes since February 2014. But Tom Lee, who has been one of the most bullish strategists on the Street for years, sees "positives in the market," and he's using the rare selloff as a buying opportunity.
Read MoreWhy have stocks dived this week?
"I think the housing recovery trumps what is happening right now in energy," Fundstrat's founder said. Housing starts in July rose at a seasonally adjusted rate of 1.21 million to their highest level since October 2007 and marking the third time in four months that figure reached a new post-recession high. "Housing is big enough to move the needle and more than offset the energy-related downturn," he added. "There's still a lot of upside for housing equities."
Before Thursday's brutal selloff, the XHB homebuilders ETF, hit an eight-year high this week.
Lee also sees encouraging signs in the technicals in the market. According to his research, the percentage of stocks hitting 52-week lows as a percentage of total stocks hitting 52-week lows and 52-week highs is above 85 percent. Since 2002, stocks have rallied 94 percent of the time in the month after the measure has hit that level, by Lee's work.
"Sentiment right now is awful," said Lee. "It's been a really tough couple of weeks. But the reality is when you're not feeling comfortable that's usually a better time to buy than when you're feeling confident."
Gold is reclaiming its safe haven status.
The precious metal rallied this week to one-month highs after Fed minutes released on Wednesday hinted that a rate hike might not happen in September. Gold prices are now up more than 6 percent from the late-July low and in the midst of its best week in five months, but the sharp rally has one gold bull yielding caution.
"I think what's happened over the last week or two is there were so few contracts being long that short positions topped out," Bob Alderman said Thursday on CNBC's "Futures Now." "I think these shorts are providing fuel to exaggerate [this] upside move since they run for cover."
According to the Commodities Futures Trading Commission, total short positions in gold futures have dropped more than 8 percent from July 14, where it hit the highest level in more than two years.
As August winds down and summer vacations come to an end, Wall Street is ripe with anticipation on whether Fed Chair Janet Yellen will stick to her guns and raise interest rates in September or push it back to December. And as the unknown rattles many investors, market bull Ed Yardeni insists stocks and bonds will be just fine.
"Given that [a rate hike] has been so widely expected, the reaction should be minimal," the president of Yardeni Research said Tuesday on CNBC's "Futures Now."
According to Yardeni, the global economy is in a period of "secular stagnation," which creates a positive environment for both the equity and fixed-income markets. "For the stock market and bond market, secular stagnation on a global basis means we have something in between," he said. "We don't really have inflation, we don't really have deflation and central banks continue to maintain relatively easy money."
Stock market bulls and bears are in the ultimate game of tug of war—and the market isn't budging.
The S&P 500 is in a virtual deadlock, flat for the last six months and up less than 2 percent for the year. And according to one technician, if the market continues to trade in this narrow range, it will mark an event so rare it's only happened once in the past 50 years.
"There hasn't been a 5 percent pullback in the S&P 500 since December," Jonathan Krinsky said Tuesday on CNBC's "Futures Now." Krinsky noted that while the occurrence isn't unprecedented, the last time the S&P 500 went a full year without a 5 percent decline was 20 years ago in 1995, and there were only four times before that in 1964, 1961, 1958 and 1954. In each of those years, the market posted an average return of 30 percent.
China's move to devalue its currency roiled the markets last week, and stoked new fears about the health of the world's third largest economy.
"She's going to be more hesitant to raise rates because she sees how fragile the global economy is," Paul told CNBC's "Futures Now" on Thursday.
"She's under the gun," he added. "I could be wrong, but I don't think they are going to raise interest rates."
According to the former Republican presidential candidate, a rapidly slowing Chinese economy adds just another headwind for an already struggling U.S. economy.
"I think there's going to be enough problems existing, whether it's the Chinese precipitating some crisis, or whether it's our economy breaking down," he said.
It's no secret commodities are in a free fall.
"The commodity sector is on its way down from the bursting of the largest commodity bubble in the history of the world," Walter Zimmermann said Thursday on CNBC's "Futures Now."
But this doesn't come as a surprise to Zimmermann, who explained that a "major fire sale in commodity prices" happens every 15 years. "The next low is not due until the second half of 2016," he said.
Zimmermann noted that this cycle comes in many phases, beginning with a "stealth" phase, peaking with "manic" buying and ending with panic selling, which is what he says the market has experienced for the better part of the past year. "The more damaging the bust, the longer it takes for the commodity sector to carve out a bottom and start trending higher again," he said.
With Tuesday's stunning announcement that the People's Bank of China would devalue the Chinese yuan about 2 percent against the U.S. dollar, China became the latest nation to join the global currency war. But according to outspoken market pundit Peter Schiff, China's too late, because the U.S. already has the inside track in the battle to debase its currency.
"America is going to win the currency war," Schiff said Tuesday on CNBC's "Futures Now." "I think we're going to win, but right now you have a dollar bubble."
The dollar bubble claims fly in the face of how the U.S. common currency has performed this year. The dollar index is up more than 7 percent year to date.
But according to the Euro Pacific Capital CEO, the Federal Reserve will hold off on raising rates as long as possible, and over time, that will cause the dollar to collapse.
While the Fed has discussed plans to raise interest rates this year as early as September, Schiff believes that the Fed will instead implement another round of quantitative easing.
"They are going to do QE4, they're going to do QE5, they're going to do QE's indefinitely until a currency crisis ends the party and they can't do it anymore. And that crisis is going to come," Schiff said. "That is what the drug addicts on Wall Street want. They want another fix, and I think the pushers are going to provide it, unfortunately."
To be sure, Schiff has made several other bold predictions, some of which, like his accurate call on the housing crisis in 2007, have come true. Others, like his claim that gold would go to $5,000, have not.
Still, Schiff remains resolute that the dollar will soon see its day of reckoning.
Read MoreMarkets fear more to China's move
"You have all these currency speculators that have been fooled by the Fed's monetary magic," Schiff said. "[They] are betting the wrong way, and when they figure it out I think the bottom is going to drop out of the dollar."
By Schiff's reasoning, the U.S. economy is doomed.
"This economy will be in recession if the Fed raises rates, and it'll be in recession even if they don't raise rates," he said.
Commodities are the gift that keep on not giving.
The sector is in the throes of an 'annus horribilis', having gotten wrecked over the past few years despite massive liquidity that should have boosted their value. Bullish investor after bullish investor has tried to call a bottom, in a set of calls that now appear ill-conceived and money losing.
Read MoreStocks put to the test in week ahead
That, of course, hardly marks the first big drop for the alternative investment group. That widely watched commodity index has fallen 17 percent the last three months, and a whopping 42 percent in the past two years.
David Stockman has long warned that the stock market is on the verge of a massive collapse, and the recent price action has him even more convinced than ever that the bottom is about to fall out.
"I think it's pretty obvious that the top is in," the Reagan administration's OMB director said Thursday on CNBC's "Futures Now." The S&P 500 has traded in a historically narrow range for the better part of 2015, having moved just 1 percent higher year to date. "It's just waiting for the knee-jerk bulls, robo traders and dip buyers to finally capitulate."
Stockman, whose past claims have yet to come to fruition, still believes that the excessive monetary policy from central banks around the world has created a "debt supernova," and all the signs point to "the end of the central bank enabled bubble," which could cause a worldwide recession.
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