Amid Wednesday's headwinds many analysts made claims that the current climate is of a bear market. However, Belski sustains that this notion is not supported by the analysis. "We are still in a 15- to 20-year bull market," he said.
Belski is not the only one who considers there are no indications of a recession. Jeremy Zirin, UBS Wealth Management Americas' chief equity strategist, said in an interview with "Power Lunch" on Thursday that a U.S. recession is unlikely in 2016.
The strategist argues that the analogy that market conditions and a burst in the energy market reflect those of the 2008 credit bubble hold no value. He considers that bank balance sheets currently have an approximate 5 percent exposure to energy and the loans in this sector.
"If you look at the 2007 and 2009 period, we had a massive credit bubble that was burst," Zirin said. "You had bank balance sheets that were holding housing-related or real estate-related debt [and it] made up over two-thirds of their balance sheet."
Oil experienced a rebound on Thursday with a 6 percent rally, after touching fresh lows on Wednesday. WTI traded at $30.05 during intraday trading, its biggest daily gain since October 2015, when it added 6.34 percent, on Thursday. Brent traded at $29.66 after midday trading.
The rally came as European Central Bank President Mario Draghi made comments that drew speculations of future monetary stimulus by the bank's next meeting, and the EIA reported that commercial crude inventory is up about 4 million barrels, and meanwhile the API reported an inventory of 4.6 million barrels.