Watch Your Exit

"I'm still cautious, people go broke trying to predict the day," said Charlop. "There are too many conflicting signals. There's too much government in the markets for me. But you can't buck the trend, you don't want to sell here, but keep your eye on the exit door."

"You have to be in this market, look at materials and energy, but who really knows, said Gordon Charlop, of Rosenblatt Securities, shared his outlook. "Things could turn around real quick."