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Market plunges on first day of second-quarter trading, but some analysts remain bullish

  • All major indices fell today, but some analysts say the bull market is not over.
  • "Bull markets don't just die of old age," says Christopher Cordaro, chief investment officer at RegentAtlantic. "There has to be some catalyst to take them down."
  • Other analysts expect the next earnings cycle to help the market recover.

The market continued its downward momentum Monday as all major indices fell on the second day of April and the first day of second-quarter trading.

But some analysts said this isn't the end of the bull market.

"Bull markets don't just die of old age," Christopher Cordaro, chief investment officer at RegentAtlantic, said on "Closing Bell." "There has to be some catalyst to take them down. I don't think tariffs are enough."

Cordaro said that today's panic among market watchers was "overblown" and added that the sell-offs are a good buying opportunity.

"I don't think the market has to come crashing down," Cordaro said. "We're taking a necessary breather here. It's a great time to look for some stocks that can put profits underneath you. That's what's going to save you in the end: profits."

Fears of trade wars and regulation in the tech sector may be the drivers behind today's market drop. The Dow Jones industrial average fell 458.92 percent, closing at 23,644.19. The index fell more than 758 points at its low, with Intel as the worst-performing stock. The S&P 500fell 2.2 percent to close at 2,581.88, re-entering correction territory. Technology was the worst-performing sector, falling 2.5 percent. The index also fell below its 200-day moving average, a key technical level. The tech-heavy Nasdaq Composite also entered correction after it dropped 2.7 percent. Amazon plunged 5.2 percent.

But even with today's volatility, Kevin O'Leary, chairman of O'Shares ETF Investments, long-term wealth management, told CNBC on "Closing Bell" the market movement was a compression of multiples and expects the upcoming earnings reports to be "quite good" with double-digit growth.

Sarat Sethi, managing partner and equity analyst at Douglas C. Lane and Associates, said while there is a lot of uncertainty in the market right now, he also remains "bullish that the banks are going to do well" during the next earnings cycle.

"The market's just not used to this," Sethi said on "Closing Bell." "We had 18 months of Goldilocks. Then came February: the market's down 10 percent. I think the market is looking for its earnings."

O'Leary added that the free cash flow is going to be "fantastic" in the next earnings cycle.

"By no means is this a panicky sell-off," Kenny Polcari, director of O'Neil Securities, told CNBC on Monday during "Closing Bell." "People aren't jumping out the windows. Nobody should get that sense at all. But it feels ugly. It feels uncomfortable."

New Federal Reserve Chairman Jerome Powell may also be adding to uncertainty in the market, said Timothy Anderson, a member of MND Partners' floor execution team at the New York Stock Exchange.

"The market always gets a little nervous when you have a new Fed chair, for the first month or so," said Anderson, who called Monday's sell-offs "healthy."

"When push comes to shove, the macro-economy numbers are going to support the market," Anderson said.