Investors should wait and be cautious before they jump into the markets—as we still have a lot of headwind against us, said Dave Rovelli, managing director at Canaccord Adams.
“My gut tells me we will go higher [in the markets] because of the money on the sidelines and people chasing performance,” Rovelli told CNBC. “But I’d wait and see … there’s a lot of negative news out there.”
Rovelli advised investors not to chase stocks, but wait for dips instead.
“You’re playing the momentum trade—you don’t want to be caught holding the bag in a momentum trade,” he said.
No immediate information was available for Adams or his firm.
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