Weakness in China spooked investors again Tuesday, as major U.S. averages dipped nearly 3 percent to close in correction, or 10 percent lower than their most recent highs. In the fall of 1997, a financial crisis in Asia sent stock markets plummeting.
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Fisher noted that he sees multiple similarities, including emerging market currency risks, stable interest rates, sagging commodity prices and a long period without a correction.
"This acts and seems to me exactly like the 1997 correction," he said.
He stressed, though, that bull markets do not end quickly as they "die with a whimper and not with a bang." Fisher predicted that stocks would dip again, only for the bull market to resume while traders still fret about the correction.
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But others have contended the yearslong stock climb could be coming to an end. A lack of momentum recently shows equities may be entering a bear market, said Louise Yamada, founder of Louise Yamada Technical Research Advisors, in a CNBC "Futures Now" interview Tuesday.