As stocks capped a seventh consecutive week of gains, traders Marty Cunningham of Solazzo Trading Company and Michael Gurka of First Street Capital Partners considered how much room remains for the rally.
“I think it would be worthwhile to play very conservatively,” Cunningham told CNBC. He said this market has enough room for bulls—and bears.
“The glass is clearly half-full, as the results demonstrate. We’ve got some great stuff on the earnings front,” he said. “The market continues to prove that it can be resilient, that we may be making some real tangible incremental progress here. And for the bear’s perspective, you’ve got plenty of rally to sell into.”
Meanwhile, Gurka said he thinks the markets will continue to perform better and recommended investors “go long” in equities.
“If you start seeing more earnings not disappoint so badly, and at the same time these stress tests are just a mild fibulator, this market is going to take that with a good grain of salt, and I think it [will do] well.”
No information was immediately available for Cunningham or Gurka.
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