NEW YORK (TheStreet) -- The S&P 500 is leading the major U.S. indices lower on Friday. TheStreet's Debra Borchardt spoke to Jason Weisberg of Seaport Securities on what is happening today.
Traders and investors have been barking for a pullback in the equities market. But now that it's here, no one is really jumping in to buy, Weisberg said. Volume remains light.
He added that there appears to be an "emerging markets hangover" similar to past market selloffs related to Greece. Only this time, the concern has to do with Turkey and Argentina. Weisberg said this is sort of a "flimsy" excuse for U.S. equities to sell off because most companies have little or no exposure to these regions.
But when market participants want to sell, they'll look for any excuse to do so, he admitted.
Weisberg stressed that investors should not lose sight of their longer-term expectations for the global economy. Europe continues to improve and the U.S. economy is unlikely to get significantly worse from this point on.
He concluded that although longer-term prospects are still bright, investors are taking a "wait-and-see" approach with the current market. They're opting to sit on the sidelines, awaiting the possibility of a better entry point.
-- Written by Bret Kenwell in Petoskey, Mich.