This is what fund manager Francesco Filia cautions about the market over the next year:

Earlier on in 2016, markets went off to panic mode out of (i) fears over China's messy stock market and devaluing currency, (ii) plummeting oil price to levels where it could trigger covenant breaches/defaults, (iii) FED hiking rates and a strong US Dollar strangling Commodities and their producing countries. In response to such risks, market action was legitimate but exaggerated in magnitude and speed, leading us into calling for 'random and violent markets' (Read). 'Random' as they often refuse to follow the logic of fundamentals, 'violent' because they shift with great momentum when the narrative changes and the tide turns.