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Time to Focus on Long-Term Investments: Strategist
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CNBC.com Writer
The worst economic scenario is now off the table, said Jeffrey Kleintop, chief market strategist at LPL Financial.
Unlike in the past, investors are now focusing more on long-term investments, he said.
“We’ve seen some green shoots,” Kleintop told CNBC. “[But] in order to get this market to really continue to accelerate to the upside, you’ll need a lot more of the green shoots that started in March to fruit.”
He advised investors who are currently both “underweight” and “overweight” stocks to move back to a “neutral” rating.
“If you’re overweight stocks, this might be a good opportunity to look to move back to a neutral rating,” said Kleintop. “Likewise, if you’re underweight, it makes sense to move back to neutral. But you wouldn’t want to move too overweight from here on further optimism that this rally has a lot more to run.”
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Kleintop cautioned investors, saying he is skeptical that the financial sector will be the leader as the markets move higher.
Disclosure:
No immediate information was available for Kleintop or his firm.
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