Jason Trennert says that people looking at the past week's whipsaw market are looking at the wrong things -- at least, when it comes to the health of big brokerage houses. The chief investment strategist of Strategas Research Partners joined "Closing Bell" to weigh in on the Wall Street giants.
Trennert told CNBC's Maria Bartiromo that fears of a "contagion effect" from factors such as the subprime credit crunch are "premature."