Stocks are moving higher for the sixth day in a row and many investors are asking if is this rally is for real and does this market have legs? Bill Spiropoulos, CEO of CoreStates Capital Advisors and JJ Burns, president of JJ Burns & Company shared their market outlooks.
“This market has been doubted and disbelieved every step of the way since March and the return to normalcy continues,” Spiropoulos told CNBC. “All of the indicators are as if the consumers are coming out from under the bed and there’s going to be a big inventory build and we haven’t seen the impact of that yet.”
Spiropoulos said investors are afraid of the unknown and the next shoe to fall, despite the “many positives” to focus on in the markets.
In the meantime, Burns said he expects some consolidation and stocks to end lower than its current range by year-end.
“The Latin American markets show much more compelling valuations,” he said. “Even emerging markets are beyond a little bit of fair value but I’d rather have a little bit more of my money there because I think anemic growth in America is consistent. I think more growth is going to happen overseas than in America.”
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No immediate information was available for Burns or Spiropoulos.