Bull Market Not Over—Use Dips to Buy: Pro
Markets opened higher on Monday, rebounding off of their worst week since last March, as financials gained. Tyler Vernon, chief investment officer of Biltmore Capital Advisors, and Art Nunes, market strategist at IMS Capital Management, shared their insights.
“Stocks have been in a bull market for over 10 months now and typically, bull markets last from 2 to 3 years,” Nunes told CNBC.
“So last week’s selloff from the high—you have to look at it as a temporary pullback in prices that should be used as an opportunity to put new cash to work at this point.”
In the meantime, Vernon said he is neutral on the markets in the short and long-term.
“I think the very cheap money at this point, the liquidity measures, the fiscal monetary policy, will continue to push this market and drive it to new highs,” he said. “I’m more worried about the longer term when people start worrying about pulling back this liquidity, taking the foot off the pedal.”
Vernon said while he's worried about the markets in eight or nine months, he's still a buyer in the short-term.
He likes the technology and consumer staples sectors.
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No immediate information was available for Nunes or Vernon.