This is a strong rally — but not necessarily a bull market said Tobias Levkovich, chief U.S. equity strategist at Citi.
“That doesn’t mean we’re going back to old lows, but it does suggest that a new secular bull is probably not what we’re looking at,” Levkovich told CNBC.
“When you see big breaks in markets, it takes years before we see a new secular bull market. It doesn’t mean that we couldn’t see another 20 percent upside from here.” (See below for his sector recommendations.)
Levkovich said there are four key factors that have been signaling opportunity in the market:
1. Extraordinarily bad sentiment
2. Relatively attractive valuations
4. Dramatically lowered earnings expectations
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No immediate information was available for Levkovich or his firm.
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