As Nasdaq bounces, resist urge to buy: Pros

Sentiment has changed: Trader
Sentiment has changed: Trader

With technology stocks trading in the green on Tuesday, investors were likely wondering if the Nasdaq was sending a buying signal.

Considering the tech heavy index has tumbled more than 7 percent from its most recent high on Sept. 19 and because bellwethers with tail winds, such as Apple and Google, trade on the exchange, it would seem logical to conclude the rally was an early buy sign.

On CNBC's "Power Lunch" two pros said that was not the case.

Scott Mlyn | CNBC

They both said if you're a long-term investor who likes to buy and hold stock, resist the urge to buy the Nasdaq on this bounce. "Whatever we're going through, I don't think it's over yet," said Jim Iuorio, of TJM Institutional Services.

Jeff Kilburg of KKM Financial added, "Sentiment has changed on the floor," indicating that pros are no longer viewing the decline as a buyable dip. "Now the feeling is that we're in the first or second inning of something bigger."

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Before he would buy, Kilburg said, "We need to digest this."

Although both pros believe the market will ultimately rally, they would both wait and watch. "I want to see a couple days of reasonably small moves without huge swings lower," Iurio said. "I'd wait for that as my signal."

It should be noted these insights are largely for individual investors who buy and hold for the long term. Kilburg and Iurio also said, if you're a trader who can move in and out of positions with aplomb, then, given the volatility in the market, opportunities are abundant.