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INSTANT VIEW-U.S. stocks volatile after two days of heavy losses

NEW YORK, Feb 6 (Reuters) - U.S. stocks slipped in highly volatile trading on Tuesday following the biggest one-day declines for the S&P 500 and Dow in more than six years.

Major indexes swung from negative to positive and back after starting the session down 2 percent.

Following are comments from analysts and investors:

WILLIE DELWICHE, INVESTMENT STRATEGIST AT ROBERT W. BAIRD IN MILWAUKEE

Its a lot of people trying to figure out what in the world is going on. How much of yesterday was program sells that got out of hand, how much of it was the VIX-related stuff and how much of it was maybe more meaningful. At this point it is still a sorting out kind of process.

"Optimism was widespread in terms of investor sentiment. Not coincidentally last week you had that 5.4 percent forecast from the Atlanta Fed for first quarter GDP. You had Factset reporting earnings expectations are rising at the fastest rate since they had been tracking them. You had this general optimism and this sort of climactic good news that left everyone in one side of the boat and everyone looking higher. Then once that reversed a little bit we see what happens.

"The choppiness this morning is trying to figure out where we should be. Some of what we saw yesterday suggests we are near at least a short-term low. Then the question is what the rallies look like after that. Given how fast weve come down the expectation would be that we would be in for some violent rallies on the way up, but they would need to persist to gain some confidence that weve really worked through this. I dont see evidence of that just yet. It probably takes a little bit of churning, a little bit of testing some of the lows we have seen and then at that point seeing what the quality of the rally is. But between now and then, history would say to expect more volatility and that would include rallies that look absolutely amazing on a short-term basis.

CHAD MORGANLANDER, PORTFOLIO MANAGER AT WASHINGTON CROSSING ADVISORS IN FLORHAM PARK, NEW JERSEY

Put your seatbelts on. Its going to be a volatile ride for the next several trading sessions.

Fundamentals are moving forward in a positive way, which gives us confidence that in the long run youll continue to see higher highs within the markets. But investors have to become a little bit more aware that long-term returns going forward are going to be lower than in the past several years within the S&P 500 and the overall equity markets.

Overall, I think for long-term investors, its a drastic mistake to overreact to volatility that sometimes is a healthy dose of medicine.

GENE TANNUZZO, SENIOR PORTFOLIO MANAGER, COLUMBIA THREADNEEDLE, MINNEAPOLIS, MINNESOTA

Theres been a pretty swift rebound across a lot of measures. Certainly interest rates are clawing back quite a bit. If I look at the performance of credit, it has been clawing back a bit. With regards to high-yield and investment grade, weve noticed that liquid derivatives are moving with higher velocity than the cash market.

Bonds certainly opened this morning quoted lower and it seems like people are trying to put money to work. The amount by which bid offers widened is quickly evaporating. And so, are prices that different from Thursday or Friday of last week? Actually they are not.

Its pretty amazing that the volatility we saw in stock prices hasnt translated into fundamental weakness in the bonds space. (Reporting By Nick Zieminski in New York; Additional Reporting by Chuck Mikolajczak, Sinead Carew, Lewis Krauskopf and April Joyner)