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.