Sierra's Wright: Market is oversold, but don't race to catch a 'falling javelin'

David Wright, lead portfolio manager of the Sierra Mutual Funds, says that Monday's market action put the stock market into oversold territory, but he warned against jumping in now because he expects any snap-back rally to be offset by further declines before the market finds a bottom, and investors who race in could 'catch a falling javelin' if they fall for 'false rallies.' Wright, whose indicators have him out of the market now, believes the current decline is the start of a longer-term bear market. Meanwhile, George Milling-Stanley, chief gold strategist at State Street Global Advisors, believes the outlook for precious metals is promising in the face of so much global market turmoil and uncertainty, noting that he expects gold to resume its recent climb once the market steadies and he expects it to stay solid while the broader market struggles. Also on the show, Chuck talks about reacting properly -- rather than over-reacting -- to the market right now, and Adam Winslow of AIG Life Insurance discusses a study out today showing the strong emotions that can be tide to a lack of protection.