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Dow Will Reach 12,000 By September: Strategist
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CNBC.com Writer
Mike Rubino, president of Rubino Financial, and Harry Clark, president and CEO of Clark Capital Management Group, shared their market strategies and investment recommendations in a bulls vs. bears discussion.
“The sky is not falling — it’s rising,” Clark told CNBC. He believes that the Dow will reach 12,000 by September or October of this year.
“Ninety percent of all stocks are above their 10-day moving average, which means we’re not going to have any more corrections above 5 to 6 percent—that’s historically a fact,” he said.
Clark said consumers have hit their lowest point and will start spending again, which is a bullish sign.
Second Opinion:
On the other hand, Rubino said while he is bullish in the short-term, there are still economic reasons behind his longer bearish outlook.
“Unemployment rate is rising, the housing market is horrible, banks aren’t lending, consumers aren’t spending, and to top it all off — we have the communization of the American economy,” said Rubino.
Recommendations:
Clark Likes:
Metals, Mining, Steel and Coal ETFs
Consumer Discretionary
Financials
Emerging Markets
Rubino Likes:
Energy—Especially Oil
Emerging Markets—Especially Asia
Disclosure:
No immediate information was available for Clark or Rubino.
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Key Mining and Metals ETFs:
SPDR Gold Shares [GLD
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Market Vectors Gold Miners [GDX
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SPDR S&P Metals & Mining [XME
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Market Vectors Russia [RSX
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(driven by mining/metals)
Market Vectors Steel [SLX
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Data is a real-time snapshot *Data is delayed at least 15 minutes
