Gurus Clash Over Last Week's Drubbing

Such a "shift in leadership doesn't occur seamlessly," Levkovich adds, suggesting last week may have been "the first shock of that transition."

On a day when Ingersoll-Rand and Terex (TEX Quote - Cramer on TEX - Stock Picks) each jumped over 7%, and Schlumberger (SLB Quote - Cramer on SLB - Stock Picks) rose 2.3%, the strategist reiterated concern that investors are "too overweight the global growth story" via the metals, machinery and oil services stocks. Those groups are the way to play emerging market growth, but "everybody knows it and is already in those stocks," he says.

Meanwhile, Thomas McManus, equity portfolio strategist at Bank of America, upped his recommended equity allocation by 5% to 60% early Monday following a "short-term bounce" forecast Friday.

McManus reduced bonds to 15% from 20% in the process but is still underweight stocks based on his model portfolio and has a relatively hefty 25% position in cash/alternative investments.

So McManus isn't a raging bull by any stretch, but the skeptical turning more optimistic vs. the bulls capitulating is not typically what you see at the end of major declines.

"When investors universally agree that a modest pullback is only a buying opportunity, the correction is often incomplete," Robert Marcin of Defiance Asset Management commented on RealMoney.com. "The bottom will not be in until the talking heads tell us it's not too late to sell."

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