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The SPDR S&P 500 Index (NYSE:SPY) opened sharply lower Wednesday following disappointing earnings reports from mega-cap tech stocks like Tesla Inc (NASDAQ:TSLA) and Alphabet Inc (NASDAQ:GOOG). But, Cameron Dawson, chief investment officer at NewEdge Wealth, said that it was too early to call a top in the market and that the recent downturn doesn't mean the bull market is necessarily over.
"They're upset because they're conditioned to such low volatility, we've been in this unflinching up and to the right type of market so when you get a little tiny ounce of volatility, it feels so foreign to the world we've been in," Dawson said.
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Dawson said that the overall trend of the market is still bullish, and thus far on any sustained dips, buyers have come in helping to lift stocks back higher. The VIX, which tracks market volatility, has shot higher by 25% in the last month, an indication that market volatility is on the rise after historically low levels of volatility throughout 2024.
On Wednesday, amid the overall market's downturn, the VIX continued to move higher by more than 10% as traders and investors appeared wary following Google's and Tesla's earnings reports. But, Dawson argued that it's too early to call the recent downturn a trend reversal, and that buyers may be willing to come in and buy the dip.
"This market absolutely demands that you respect the trend," Dawson said. "Every time we pullback you see buyers step in. It doesn't mean that you can ignore certain risks, it doesn't mean that you can ignore some deterioration under the surface… but overall until we see signs that the trend is truly deteriorating we're still in the ‘respect the trend camp.'”
“You can have an uptrend and still have pullbacks, and it's perfectly healthy,” she added.
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Photo: Cameron Dawson/NewEdge Wealth lolo/Unsplash
