Leeb said he was encouraged by the fact that positive earnings reports by Wells Fargo, the bank that recently acquired Wachovia, and Coca-Cola drove their stocks higher.
"It's important that the market doesn't just reject all good news," he said. "Last week, when the market was going down in its most intense way, I don't think anything was able to boost the market, able to boost a particular stock."
Leone said today's drops may ultimately be healthy for the market.
"When you're trying to make a bottom, you don't go straight up. There's a lot of back and fill and a lot of consolidation and I think that's what we're seeing today," he said. "I'm hoping that the bottom was found last Friday, but we'll see."
With reports from ABC News' Scott Mayerowitz.
Do you have more information about this topic? If so, please click here to contact the editors of ABC News.
Quotes delayed 15 minutes for NASDAQ. 20 minutes for NYSE and AMEX. Market Data provided by Interactive Data. Terms & Conditions.
Powered and implemented by Interactive Data Managed Solutions
