NEW YORK (TheStreet) -- After getting hit hard near the open, U.S. equities are bouncing back halfway through Wednesday's trading session. Jason Weisberg of Seaport Securities told TheStreet's Debra Borchardt that buyers, unfortunately, are not back in the market yet.
Instead, the sellers have simply lightened up at current levels, allowing U.S. indices to bounce back and erase some of the early losses from this morning, he said. In order for a sustained bull market to continue it needs pullbacks like this. Last year rarely had a pullback, making the current one more than justified.
Weisberg added that the pullback we're currently experiencing has been very controlled and relatively healthy. This "should bode well for an extended bull run," he reasoned.
Last year was a very good one for almost every stock but 2014 has been a different story, with several individual stocks outperforming the rest of the market. It's a stockpickers market, Weisberg concluded.
-- Written by Bret Kenwell in Petoskey, Mich.Follow @BretKenwell