September Correction Unlikely to Happen: Strategist
Investors do not need to worry about a correction in the near-term, said Marc Pado, U.S. market strategist at Cantor Fitzgerald and Eugene Peroni, senior vice president and portfolio manager at Advisors Asset Management.
“When we use the word 'correction,' we mean something more than 7 to 10 percent—I don’t think we’re going to see that,” Pado told CNBC.
Pado said although September is a historically weak month for equities, the current performance of the markets indicate that there are still buyers at lower levels waiting for a pullback.
In the meantime, Peroni said the “sell in May and go away” trend did not happen earlier in the year, so the September slump is unlikely to happen.
“These markets are indicative of some sustainability and not just a passing knee-jerk reaction kind of event,” he said.
No immediate information was available for Pado or Peroni.
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