"If you're intellectually honest, we simply don't know. There are so many moving pieces. The reality is we were overdue for a technical bounce. We're getting it, but it's too early to call the bottom with any conviction."
But El-Erian said things are changing too rapidly and there is too much uncertainty over Washington policy-making decisions to declare that the worst has passed for the economy and Wall Street.
"It's an upside-down world where everybody is in the same boat and you need a lot of coordination so that we can navigate what are pretty fluid conditions. There is some good news but there's also some bad news."
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