NEW YORK ( TheStreet) -- On another day of selling, TheStreet's Debra Borchardt sat down with Ben Willis of Albert Fried to discuss what's happening in today's market.
In overnight trading, the Asian markets got hammered. Most notably was the Shanghai Composite, which was down over 5%, and weighed on U.S. equities in early trading. Although equities are off their lows, the losses continue to pile up since last week's Federal Reserve FOMC meeting.
However, according to Willis, things aren't so bad for equities. While still having double-digit returns six months into the year, this is just a correction that was much anticipated. Where it gets really ugly is in fixed income.
"The selloff in equities is nothing compared to what's going on in the 10-year" Treasury bond, he said.Fixed income has been getting crushed while rates run higher because of global volatility. The Chinese cash crunch that caused the violent selloff in overnight trading has only added to global uncertainty. Willis said that even in bond ETFs there have been "horror stories" of managers not be able to redeem assets on the fixed income side of things. It's become a real nightmare because some traders have been unable to close out positions, Willis said. In that sense, it makes the equities market seem pretty orderly, at least in the U.S. Willis concluded, "I think this is a buying opportunity for you in equities." -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell