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Why you should stop worrying and buy the dip

Stocks took a little bit of hit early Friday after reports of combat in eastern Ukraine between Russian and Ukrainian troops. However, the market quickly rebounded, and the benchmark S&P 500 index successfully logged its best week since the beginning of July.

Is that a sign that it's safe to jump into stocks?

(Read: Ukraine hits at Russians: Here's what may be next)

Gina Sanchez, founder of Chantico Global, says that investors aren't going whole-hog just yet, but are hanging on to more cash. Down the road, "that could cause some pent-up buying demand, she said. "But for right now, I would say that investors are very wary, and there is definitely a concern that the economic recovery may not be as robust as we are expecting."

Recent economic data have been a mixed bag, according to Sanchez, a CNBC contributor. Retail sales in July were flat compared with June. But a recent survey of economists by Philadelphia's Federal Reserve showed a slight uptick in third-quarter growth estimates.

"We're still in a wait-and-see mode," Sanchez said. "I don't think we're through this" recent downdraft.

On the other hand, Katie Stockton, chief technical strategist at BTIG, is optimistic about stocks.

(Watch: Stocks close mixed on renewed geopolitical concerns)

Using an indicator that measures where the S&P 500 closed relative to its price range over the previous 12 days, Stockton makes a case that the index has bottomed out.

"Over the last 12 days, we gotten very oversold," Stockton said. "That, of course, yielded a short-term low. Even if we see a retest next week on geopolitical concerns – which is certainly a possibility with the lack of volume we've seen in the marketplace and the resulting skittishness – I would be buying into weakness."

To see the full discussion on what's next for stocks, with Sanchez on the fundamentals and Stockton on the technicals, watch the above video.

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