20% to 25% Correction by May: Market Analyst
Investors await the slew of corporate earnings results this week. What should they be expecting? Dan Cook, senior market analyst at IG Markets, shared his market insights.
“There’s still a lot of confusion in the market. We’re looking at a pretty positive earnings season overall, but as we saw last week, it was basically ignored due to political conflicts and we’re likely to see more of that,” Cook told CNBC.
During April or May, Cook said he expects to see a 20 to 25 percent correction in the markets.
“It wouldn’t surprise me to see a range of 8,800 to 9,000 on the Dow,” he said. “There are a few individual stocks I like, but sector-by-sector, I’m definitely more bearish than what I am bullish.”
- Watch Cook's Previous Appearance on CNBC (Jan 8, 2010)
More Market Intelligence:
- Art Cashin: Bank-Bashing May Cause Bear Market
- Bull Market Not Over—Use Dips to Buy: Pro
- Cramer: Could Obama Cause 1,000-Point Correction?
CNBC Data Pages:
- Cramer's 12 Stocks to Play the Recovery
CNBC's Companies in the News:
No immediate information was available for Cook or his firm.