The may have rebounded considerably from the lows hit two weeks prior, but the bulls shouldn't become too excited yet, according to macroeconomic trader and strategist Boris Schlossberg.
"I continue to think this year is going to be the best year to sell rallies ever," Schlossberg said Wednesday on CNBC's "Power Lunch." "Every rally is going to be a fake out."
After several great years for stocks and a flat 2015, "the chickens are coming home to roost," he said.
First of all, the stock market "is just due" for a poor year after all the good times, BK Asset Management's chief FX strategist told CNBC in a phone interview.
On top of that, U.S. profits have fallen, and Schlossberg sees them dropping even further due to slow demand growth. "The transmission mechanism from jobs to wages to spending is simply not taking place," he said.
And that's even before one considers the many global risk factors, which most notably include dramatically slowing economic growth in China.
"It all just puts us in a pretty vulnerable position, as far as equities go," Schlossberg said. "Whatever hope we have is going to be extinguished by the end of the year."
However, Stifel Nicolaus portfolio manager Chad Morganlander takes the other side. Morganlander believes that the market has begun to price in slowing global growth, meaning that there may be some values in equities.
"At this point we would start layering on risk," he said Wednesday on CNBC. "Valuations are starting to make sense."
