NEW YORK (TheStreet) -- After falling sharply on Wednesday, U.S. equities are looking for a rebound on Thursday, with the S&P 500 I:GSPCup 0.1%. 

The bounce is encouraging, Dan Greenhaus, chief global strategist at BTIG, said on CNBC's "Fast Money Halftime" show. But investors' "nervousness" is apparent, now that there are so many concerns about earnings per share growth, he said. Earnings estimates now show an EPS decline for the next two quarters due to the strengthening U.S. dollar. 

The negative impact of the dollar could be slightly offset by the benefit of lower energy prices, argued Rob Sechan, managing director at UBS and ranked by Barron's as one of the top 100 financial advisors. 

He added that investors need to be patient in the short-run, as earnings and GDP results for the first quarter seem to have a "high probability" of coming in lower than expected, Sechan said. However, the long-term catalysts for higher earnings and GDP are still in place, and he remains constructive on stocks. 

The market has become a bit "boring" as it's been stuck in a narrow range since the start of 2015, said Jim Lebenthal, CFO and CIO of Lebenthal & Company. Markets are unlikely to gain much momentum in either direction until the Federal Reserveraises interest rates.

"I feel pretty good about the rest of the year," Lebenthal added. 

If the Fed raises rates, it will put even more upward pressure on the U.S. dollar, which would be bad for exports and emerging markets, according to Michael Block, chief strategist at Rhino Trading Partners. For that reason, he doesn't see the Fed raising rates at all in 2015. 

Among the recent losers are chip stocks and biotech, with the iShares Nasdaq Biotech ETF (IBB) - Get Report down more than 6% on the week so far. 

While the biotech sector may have gotten "a little ahead of itself, the long-term tailwinds still remain intact," Sechan said. The companies continue to innovate and find new treatments, while large-cap pharmaceutical companies are constantly looking to rebuild their pipeline via M&A. 

Lebenthal agreed, adding that there will always likely be a premium in the prices of biotech stocks on the premise that they could be acquired. Investors are constantly looking to see "who's next" in the acquisition bulls-eye, he said. 

Among the biggest losers in the chip space is SanDisk (SNDK) . Shares are down 18% on the day after the company cut its first-quarter revenue guidance. The stock is down 34.5% in the past three months. Walter Piecyk, analyst at BTIG, removed his $123 price target and cut the stock to neutral from buy, saying there isn't enough clarity following the company's second negative pre-announcement this year. Growth is expected to slow and while SanDisk is innovating, the sales boost likely won't show up until 2016, he reasoned.

"The stock is in the penalty box," said Lebenthal, pointing out that competitors like Intel (INTC) - Get Report and Qualcomm (QCOM) - Get Report have been struggling as well. 

Perhaps if stocks like Intel and Micron (MU) - Get Report continue to trade poorly into earnings, investors could price in the worst-case scenario. Then, when the companies report earnings, there's a chance the stocks could rally even on what seems like bad news. 

Finally, the conversation turned to oil, as WTI crude and Brent crude rallied 4.35% and 4.5%, respectively, following reports of fresh unrest in the Middle East.

Block reasoned that the situation is unlikely to get out of control and it won't create a supply issue for oil. Lebenthal added that the situation is likely to be short-term. 

The oil market is still oversupplied and is in the "washout phase," Sechan said. Investors should continue to wait for a better entry point in the energy sector. 

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.