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Jack Ablin, CIO of Harris Private Bank and Thomas Lee, chief Us equity strategist of JPMorgan, discussed whether the recent rally is over or whether this snap-back is an invitation for investors to get back into the game.
“I would say the 30 percent move we saw in March itself was a correction so now we’re looking at the next leg,” Ablin told CNBC. “The technicals are unfortunately looking really lousy.”
Ablin said there needs to be an improvement in the housing market and banks need to raise capital in order for the economy to see strength and avoid a second bottom.
He told investors to look into corporate and high-yield bonds.
“I would prefer investors to buy mutual funds instead of ETFs,” Ablin said. “As ETFs are having trouble in some of their execution—I would be inclined to buy a high-yield open-end mutual fund.”
In the meantime, Lee said stocks could end up being in a more “serious correction” and told investors to position for a “very strong” year-end.
“Housing is starting to stabilize, so as those start to fade, you’re going to start seeing some decent profit beats in the second half [of the year],” said Lee. “We’re looking for an above-trend growth in the next 4 to 6 quarters and that’s very healthy, real GDP growth.”
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