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Charts: Stocks Likely to Double Dip After May
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Stocks could continue to push higher until May, but after that there is a serious risk of a double dip, Robin Griffiths, technical strategist from Cazenove Capital, told CNBC Monday.
"We're still in the strong season of the year up until May, but after that … you better take risk off again; we're going to come back down," Griffiths said.
"The chances of a double dip are really very high. The idea that we're going to run away upwards from here I think is a really poor bet," he added.
- Watch the full interview with Robin Griffiths above.
Meanwhile, the outlook for the American consumer is "distinctly cautious," and they are "pulling their horns in," Griffiths said.
"The idea that we've got a consumption boom coming, a self-sustaining recovery even, is called into question," he said while taking a technical look at Wal-Mart shares [WMT
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Griffiths expects shares of the world's biggest retailer to stay in a narrow trading range, but doesn't see signs of them "breaking down."
The price of oil [CLC1
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] is also in a trading range, but if it breaks down below its current range it could fall sharply from current levels, he said.
"There're good economic reasons for this because going forward the Western world is abundantly supplied with gas, which is of course a cleaner burning hydro-carbon. If gas is the right price then the oil price is way too high," Griffiths said.
"I think gas is the future and oil is too high and we're going to leave it in the ground," he added.
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