New for subscribers: This sell-off could be the start of a bigger decline, says long-time market strategist Sam Stovall Check out CNBCPro for a free trial.
CFRA's Sam Stovall said the market has been flashing signs that it was highly overbought and the sell-off Thursday could be part of a bigger pullback.Reopening trade stocks were particularly slammed, but Stovall said they should turn higher again after the market shakeout.
A woman walks in the rain outside the New York Stock Exchange in the financial district of lower Manhattan during the outbreak of the coronavirus disease in New York, April 13, 2020.CFRA's Sam Stovall said the market sell-off appears to have further to go to the downside, as it pull back from a rapid 45% move higher.
"It could end up shaving 5% to 10 % off the June 8 peak," said Stovall, chief investment strategist and a market historian known for his analysis of past trends.
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