Investors breathed a collective sigh of relief on Thursday after the S&P 500 rebounded from early lows and traded into positive territory.
Immediately, chatter surfaced suggesting the market had bottomed. Both Ron Insana and Art Cashin said in the days ahead they'll be looking for the market to retest lows.
If those lows hold, then, Insana says, pros will feel more comfortable buying.
Cashin agreed. "The number of stocks in the S&P trading above their 50-day got down, very close, to 10 percent. That's extreme," he said. Presumably, the extreme shouldn't last.
Cashin of UBS suggested the market may, in fact, be making a meaningful reversal. "Yesterday had all the hallmarks of forced liquidation," he said on CNBC's "Power Lunch," indicating the recent whoosh lower may have been due to the mechanics of the market more than anything else.