The Dow Jones Industrial Average is off to its worst start of a February since 1982.
With the Dow's 7% drop in 2014, the index has returned to where it was in the beginning of October 2013.
Is the market sell-off, in part due to emerging market turbulence, an overreaction?
CNBC contributor Gina Sanchez, founder of Chantico Global, believes so. "We had a really great 2013 and this was overdue," says Sanchez. "I think that a lot of this was getting back to valuations that make sense."
Indeed, the Dow's 26.5% return in 2013 made last year its best year since 1995. For the time being, Sanchez believes there will be some trepidation in the market about the health of the US economy and corporate earnings but that will eventually dissipate.
"We have concerns around growth," says Sanchez. "But, I think those are going to go away I think that the Dow will probably start to consolidate soon."
For that reason, Sanchez wouldn't consider the current decline as a sign of things to come.
"We're starting to see a bottom," says Sanchez. "I don't think this is the beginning of a big, protracted long-term fall in the Dow."
Like Sanchez, Talking Numbers contributor Richard Ross, Global Technical Strategist at Auerbach Grayson, sees the current retracement as temporary.
"I'm very optimistic here, in the short-, intermediate-, and the long-term," says Ross. "I think this 7% pullback is an outstanding buying opportunity, even though I did think that 4% pullback was a pretty good opportunity as well."
Ross sees a trend line for the Dow starting in 2012. According to Ross' charts, that trend line was broken by this recent drop in the market.
"In addition, we've broken below the 200-day moving average yesterday," says Ross. "That didn't happen on a single trading day in 2013, so that's something to respect."
Yet Ross takes it for a bullish sign with the potential for a pop back up.
"I think that breakdown is what we're going to call a 'false breakdown' in hindsight," says Ross. "That should lead to a fast move higher. We need to reclaim that key area of support/resistance around 15,700. Once we do that, I think we could be in store for a retest of the old highs."
"I'm very constructive on the Dow here," says Ross. "I think this is an early-year head-fake. You want to take advantage of that shakeout and be a buyer here."
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Why this stock isn't lying