"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.

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