Markets opened lower on Friday and Marc Pado, U.S. market strategist at Cantor Fitzgerald, speculated investors will be taking in profits ahead of the three-day weekend. What should we expect going forward? He shared his market insight.
“We’re headed into a strong earnings season, we’re moving higher,” Pado told CNBC.
“We expect to reach some sort of peak in the last week of January and then we’ll be set up for a correction.”
Pado said the markets have rallied for 10 months and now may see a “substantial pullback.” He added that high unemployment rates will also be a catalyst for bringing the market lower.
“In the near-term, you do have to go to the defensive stocks and then we’re looking for a shift to technology back in the summer, because technology really is leading the way and will continue to lead the way in the long term,” he said.
- Watch Pado's Previous Appearance on CNBC (Dec. 24, 2009)
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No immediate information was available for Pado or his firm.