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Friday's stock gains were a fluke, according to Philippe Gijsels of Fortis Global Markets. He offered CNBC his market outlook through the next two quarters.
(Also: Andy Brough of Schroders takes on financial stocks. Watch the video for more.)
If the majority of analysts are bullish, Gijsels says he's a contrarian now:
"The consensus view at this moment is we'll have a strong recovery in the second half. ...But I think the consensus is wrong."
"Earnings estimates are too high" for the second quarter, Gijsels believes. He said the fourth quarter may seem stronger — but only because of comparisons with 2008's disastrous end.
Second opinion:
"The bear-market rally that began in March is almost over," Gijsels maintained. Back then, he'd suggested investors look at corporate bonds. But he says the playing field has changed for the worse. "Now, we prefer cash hedges," Gijsels declared.
Watch the video for more market insights.
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CNBC's Companies in the News:
General Motors [GMGMQ
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General Electric [GE
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State Street [STT
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E*Trade Financial [ETFC
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Bank of America [BAC
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Disclosures:
Disclosure information was not available for Gijsels or his company.
Data is a real-time snapshot *Data is delayed at least 15 minutes