"Technicals in this kind of market are difficult because it is so European focused," Fier said. "If any good news comes out, this market will go higher because it's so prepared to go lower. In Europe, all you need is a question mark to go to a period. To get a period out of it would be wonderful."
But in spite of all of this negative sentiment, Cote said that this market is oversold and he would be looking to buy.
"Despite the weak data this week, corporate profits are at an all-time record and on track to meet $105 a share at the end of the year," Cote said. "Compare that to 1999, $39 a share and market was at 1460 ... There are compelling reasons to be in the market."
-- Written by Alexandra Zendrian in New York.
>To contact the writer of this article, click here: Alexandra Zendrian
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV