Where is the suddenly turbulent market going? The answer may be up for grabs, but one thing seems certain: all investors should factor in Friday's jobs report. Two strategists -- one equity, one bonds -- gave their views on "Power Lunch."
Phil Orlando, chief equity market strategist for Federated Investors, believes that the markets were oversold -- and that the correction is not over completely. As it "probably" needed a 10% correction to "rejigger it to reasonable levels" of valuation, he maintains we're only halfway there."
Thus, Orlando councels being "very cautious" ahead of the Labor Department's employment report; he told CNBC's Sue Herera that there could be an impact on the mortgage and housing markets if job growth slows significantly. He says non-farm payrolls "could come in light."