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Pros Say Bull Market is Here — But 10-15% Dip is Coming
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CNBC.com Writer
Stocks struggled for the second consecutive day this quarter as investors remained worried about the recovery in the wake of some disappointing economic reports.
Vinny Catalano, global investment strategist at Blue Marble Research and Jordan Kimmel, market strategist at National Securities told investors how they should be preparing.
“Don’t confuse the economy with the stock market,” Kimmel told CNBC.
“We’re in the beginning of a new bull market and you can’t confuse backward looking jobless numbers with the stock market.”
More Market Intelligence:
- Selloff Coming — and a Good Buy Opportunity: Strategists
- 10% Correction Coming in Oct-Nov: Strategist
In the meantime, Catalano said the markets reached an overvaluation level.
“The next move up is going to be the telling sign and will determine whether we will get a major correction or not,” he said. “And I think we will likely get that because there will be technical indicators that will develop into a non-confirmation high, and that will give you a 10 to 15 percent or more market correction based on fundamentals.”
Catalano Likes:
SPDR Gold Trust [GLD
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iShares S&P Global Materials [MXI
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SPDR BCS Cap High Yield [JNK
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Kimmel Likes:
S&P Technology
S&P Materials
S&P Health Care
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Disclosure:
No immediate information was available for Catelano or Kimmel.
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