The S & P 500 was higher Tuesday, one day after the broad market index posted its worst day in nearly two years amid revived fears of a recession.
The current pullback has all the hallmarks of a market correction, the strategist said.
So, don't rush to try to catch a falling knife," Malek said.
The S & P 500 on Tuesday traded about 7% below a record high reached last month.
Besides, he said, it is hard to think of a market correction occurring in August, when a bottom is historically more likely to happen in the month of October.
Persons:
Thomas Salopek, Salopek, Mark Malek, Siebert, Malek, CFRA's Sam Stovall, Stovall, Strategas, Chris Verrone, Verrone
Organizations:
Nasdaq, JPMorgan