Don't breathe a sigh of relief just yet.
Risk-sensitive asset markets appear to have stabilized, but some investors see potential trouble in store for earnings and oil in the weeks ahead.
The unfolding scenario may help boost safe-haven assets like gold, which closed Monday's trading session down more than one percent near $1,241 an ounce. Yet one portfolio manager it's found a bottom.
"It looks to me that gold has bottomed from a four year decline," John Hathaway, Tocqueville Gold Fund senior portfolio manager, told CNBC's "Power Lunch," before adding that it should be "headed higher."
However, Hathaway considers the market is overpriced, believes that earnings are "headed south" and the market is above its long term price to earnings ratio.
In contrast, Paul Christopher, head global market strategist at Wells Fargo Investment Institute, contended on Monday that earnings will be turning around, and the economic weakness associated with oil will pivot.