US Markets

After market's sharp and scary decline, what now?

Insana: Fed will do nothing 2015
Insana: Fed will do nothing 2015

After a week in which the tumbled by triple digits one day, only to soar by nearly as much the very next day, by Friday's close, investors were eager to release the buckle and get off Wall Street's wild ride.

However, Monday is already looming large, and investors may find themselves right back on the same roller coaster in a matter of days, if not hours.

A board showing the day's trading activity stands above the floor of the New York Stock Exchange, Oct. 15, 2014.
Lucas Jackson | Reuters

John Calamos of Calamos Investments suggests taking a deep breath and watching U.S. economic data, which has been relatively positive.

"I would be concerned if the economy weren't so positive," Calamos said on CNBC's "Closing Bell." However, because he believes the recovery is on solid footing, he thinks the sharp declines earlier in the week are, what he called, "a normal correction."

And although he concedes next week may be volatile again, he wouldn't view the market moves as anything that should change his long-term outlook.

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Ron Insana, editor of Insana's Market Intelligence at, said much the same. "Corrections are short, sharp and scary," he said.

The market action over the preceding week certainly ticks off all three of those criteria.

"I'm not saying we're out of the woods," Insana added, but like Calamos, Insana doesn't appear to be terribly worried about the long-term.

Earnings scheduled to be released next week could also influence sentiment in the market.

Erin Gibbs of S&P Capital IQ says she intends to sift through results from Lockheed, Caterpillar and Boeing very closely to see if they confirm strength reported this week in companies such as , and. "The industrials are looking great," she added. The sector could be pivotal next week.