Jay Bowens, president of Bowen, Hanes & Company, and Art Nunes, market strategist at IMS Capital Management, shared their outlook for the economy.
“This rally and bottoming process has been very powerful,” Nunes told CNBC. “We’re now coming up on the 200-day moving average so the market is definitely due for a breather.”
Nunes said he is “feeling confident” about the market bottom that was called in early March. He told investors to "invest any cash available.”
But Bowens said that, despite the short-term gains, he’s more cautious in the long term. “It’s hard for me to see the building blocks put in place for a secular bull market,” he said.
“Shorter term, I think we’re undergoing a very traditional monetary recovery generated by aggressive Fed easing,” Bowens said.
“[But] longer term, I am very concerned about the direction of policies and what their impact will be on economic growth and productivity and profits.”
Despite their different outlooks, Nunes and Bowens had certain investment themes in common.