Billionaire investor Carl Ichan recently gave vocal warnings that the "joy ride is over for stocks." But other experts say the reality going into the fourth quarter of 2015 is more nuanced.
While policymakers such as the Federal Reserve and Congress have hammered the financial and biotechnology sectors, the market outlook into 2016 relies on modestly higher earnings, Richard Madigan, chief investment officer for J.P. Morgan Private Bank, told CNBC's "Power Lunch."
"We have not given up on health care," said Madigan, who told CNBC the rough quarter for health care was "politically motivated and headline driven, not earnings driven or M&A driven. With structural stuff we see going on with quality pharma, with strong pipelines and strong with dividend pays, we still feel good about that [sector]."