Traders aren't panicking about Wednesday's selloff

• via Bloomberg, traders reactions to Wednesday's selloff that saw the S&P 500 down more than 3% and Nasdaq drop over 4% were mixed. Some are buying the dip, others are still waiting for signs of strength. Overall, very little panic:
• "It’s just people saying ‘Gosh, my neighbor is selling.’ There is no news today. That to me means you’re going to take this back. I don’t know if it takes a day or a week. I would absolutely be buying this.” - Josh Golub, chief equity strategist, Credit Suisse (SIX:CSGN)
• "I don’t think anyone senses any panic at this point. Given the levels we are currently at, a lot of people think that something like this and even more downside are slightly overdue." - Larry Weiss, head of trading for Instinet LLC
• “We’ve been used to one direction lately, and that’s up. Naturally there are ebbs and flows, and that’s what we’re seeing right now. While it may be tempting to make a move to mitigate portfolio risk based on today’s activity, timing the market rarely works to an investor’s benefit.” Mike Loewengart, VP of investment strategy, E*Trade
• "Many are pointing to overall confusion, gross exposure reductions (selling longs/covering shorts), risk parity/factor related unwinds, etc., driving the overall selling. ETF options volumes have been relatively light since Friday’s initial breakdown and we would like to see that pick up and more activity in the puts before any true stabilization kicks in for a trade-able bottom." - Alon Rosin, head of institutional equity derivatives, Oppenheimer
• “I do not think the cycle peak for stocks is in, if this is the start of a correction then so be it, but I think the bull market has gas left in its tank. Right now it’s dealing with a decline in certain sectors driven by late cycle factors and it’s coming to grips with it in an ugly way.” - Michael Antonelli, institutional equity sales trader, Baird
• Previously: Futures point to more sharp losses (Oct. 10)
• ETFs: SPY, VOO, SH, SDS, IVV, SSO, SPXU-OLD, UPRO, SPXL, RSP, SPXS, VFINX, EPS, BXUB, SPLX, SPUU, BXUC, SFLA, SPDN, SPXE, SPXT, PPLC, SPXV, RYARX, SPXN, DMRL, RVRS, USMC, PLW, GOVT, EGF, TAPR, FTT, FIBR, USTB
• Now read: Higher Rates Will Hurt Stocks More Than You Think (Part 2)

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