Investors seem to be wary of buying right now with fears of slowing global growth and the looming Brexit vote. According to Morgan Stanley, investors are holding the highest amount of cash since the financial crisis. But "Fast Money Halftime Report" expert Josh Brown says he sees a market bounce on the horizon.
"We're about to get a big bounce and the question is, what do you do with it? And that is what people need to answer," said Brown on Thursday's "Halftime Report."
Why is he predicting a rebound? It's all about technical indicators.
"Looking at things like relative strength, everything is overbought in the safety trade from gold to the TLT. On the other hand, the speculative trades—like the IBB—are oversold...they tend to snap back."
"There is going to be a rip and the overbought risk-off trades will be coming back a little bit and you will see the riskier areas of equities getting a bounce. I think it could come within the next couple of days."
With stocks breaking a five-day losing streak and the recovering from a nearly 1 percent deficit—could Thursday have been the start of the bounce?
Tune in to Halftime Report on Friday for more with Josh Brown.