The markets are like "super rats" as they have become immune to poison, said Jack Bouroudjian, CEO of IndexFuturesGroup.com.
"You can throw all the poison you want and (they) seem to digest it all and spit it right back out. We see it happening with the financial sector," he said on CNBC's "Squawk Box Asia."
Another commentator on the program, Suzanne Murphy, head of strategic development at Claren Road Asset Management, noted that the markets had become very "toppy", as investors were driven by fears of missing the boat. She said this signaled that we could be at the last leg of a bear rally.
"The classic end of a bear rally is everybody piling in at the wrong time. I've said for years -- what's the definition of the market top? Everyone getting in at the wrong time. What's the definition of market bottom? Everybody getting out at the wrong time. So we could be close to getting that, both in the equity and credit markets," she said.
No Earnings Clarity
As the reporting season kicked off with Alcoa offering a positive start to the earnings season on Wednesday, Murphy said she believed most other companies were unlikely to have much clarity for the months ahead.
"Expectations are just so low that earnings are coming in better than expected, fueled by cost-cutting. We don't feel it's sustainable," she explained. "You can't cost-cut your way to prosperity and the consumer is not back."
Murphy was critical of the "cash for clunkers" program, which she viewed as mere purchases being brought forward. She shared her family's experience with the government initiative to encourage consumption and boost the moribund auto industry.
"My parents, who are relatively affluent, decided to buy a new car because they got the cash for clunkers," she said. "They bought Toyota, which is fairly ironic. They bought a foreign car but their decision to buy a new car wasn't changed by cash for clunkers. Their demand was just moved forward. We pushed problems out, we haven't solved them per se."