Scott Wren, equity strategist at A.G. Edwards, told CNBC’s “Squawk on the Street” that there’s a “good shot” the market will move higher.
“Last week, between the Beige Book, PPI and CPI we saw that inflation continues to moderate and growth is decent,” Wren said Monday. “I think that’s good for stocks. If valuations were expensive, that might be a different story, but they’re not. So, I think over the next month or two we’re going to see (investors) jumping in (to the market and) chasing. I think there’s a good shot here that we have a decent run higher.”
Wren said it’s neither good nor bad that market corrections are short.
“I think the market is below fair value,” Wren said. “I think the economic fundamentals look pretty good. I think there are a lot of people who missed the market...and I think that’s going to combine to push stocks higher.”