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Some on Wall Street were hoping that the bad employment report we got on Friday would be the catalyst for capitulation. Is there a light at the end of the tunnel?
Portfolio manager Jerry Jordan tells CNBC that he doesn’t see the Dow [.DJIA
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] going below 6,000. “This week has really been sort of a watershed period and sentiment has really gotten terrible.”
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Jordan subscribes to the thesis that the market will turn when everyone throws in the towel.
“It’s very hard for me to look at the markets where they are and look at valuation on a normalized basis and think we have a lot more risk," he says.
University of California business professor Pete Novarro doesn’t quite see it that way. He tells CNBC, “from a technical point of view there is no bottom. It’s a bottomless bottom. There is no level of support.”
He says that fundamentally the global economy is getting worse faster than policy is getting better and until that changes we keep going down.
And that leads to our Fast Money Reader Poll. Do you think the market is about to make a bottom?
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CNBC.com with wires
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