Eric Thorne, portfolio manager at Bryn Mawr Trust Wealth Management, told CNBC’s “Power Lunch” that the market lacks a catalyst to drive immediate gains.
“(The market is) looking for any excuse to rally, but it’s also looking for any excuse to sell off,” Thorne said Thursday. “We’ve seen the second day in a row where a nice rally has wilted away. I think the market is searching for a catalyst and there just isn’t one right now. The interest rate scenario is on hold for now. Earnings have been reported. The international scene seems to be relatively stable. Investors need to see a reason to drive stocks higher, and I don’t think we’re going to see that for the next couple of weeks at least.”
He said the market could easily sell off 3% to 5% in the immediate future, but overall remains strong.