US Stocks to ‘Run Out of Steam’: Strategist
U.S. stock index futures predicted the slightly higher open on Monday, but Manus Cranny of MF Global Spreads said that sustainability is now the critical question.
“I am very surprised by this market,” Cranny told CNBC. “I personally think this market goes lower for the week and we will run out of steam.”
In terms of this week’s economic data, Cranny said he sees little momentum to the upside, but “enough to sustain [the markets] at an unchanged level.”
Meanwhile, he cautioned investors from investing long-term in the dollar.
According to Cranny, the dollar will trade up slightly this week based on emerging market negatives, but there will be more strength in the euro and sterling in 3 to 6 months.
“Don’t get married to the dollar, but you’ve got to have a dance with it this week,” he said.
No immediate information was available for Cranny or his firm.
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