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Bob Doll on market volatility: ‘I want more panic’

Scott Gamm
Traders on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

More panic may be key to ending the recent bout of stock market volatility.

That’s the assessment from Bob Doll, senior portfolio manager and chief equity strategist at Nuveen Asset Management.

“I want more panic,” he said, adding that he’s not receiving enough client calls about the recent market declines. “The low we had a few weeks ago of 2,603 on the S&P 500 (^GSPC) was unimpressive. The rally was unimpressive, and we’re in a test sequence.”

Doll said he hopes the S&P 500 (^GSPC) doesn’t have to move below 2,603.

“There is some evidence of give-up here. Let’s get some more so we can end this nasty correction,” he added.

While the market retested the S&P 500’s October closing low of 2,641 on Tuesday, the index has yet to retrace 2,603, thanks to Wednesday’s rebound, which put the index firmly above 2,650.

Doll said there is a long list of catalysts for the recent declines. The main driver, he says, is fear over the bull market’s age, which is now the longest on record.

“And that gets into earnings and how much P/E [investors] should put on these earnings,” he noted.

The S&P 500 is down 0.3% since the start of the year.

Scott Gamm is a reporter at Yahoo Finance. Follow him on Twitter @ScottGamm.

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