Short-Term Market Bounce Coming: Chief Strategist
Stocks continued to decline on Thursday after an unexpected jump in jobless claims and ongoing worries over the euro zone. Rob Morgan, chief investment strategist at Fulcrum Securities, and Scott Redler, chief strategist officer at T3live.com, discussed their insights.
“We’re going to have a sideways summer market and for the longer term,” Morgan told CNBC.
“We took some money off the table and went to 'marketweight' on stocks.”
But Morgan said he expects to see a short-term bounce in the markets.
“And the sectors we like should do well if we see some dollar weakness, as it looks like the dollar’s gotten ahead of itself,” he said.
In the meantime, Redler advised investors not to short the market.
“I would buy this market today just for an oversold bounce,” he said. “As a trader, there are a lot of opportunities right here.”
Redler said he is buying SPDRs, financials, gold and Apple .
- Watch Morgan's Previous Appearance on CNBC (May 6, 2010)
- Watch Redler's Previous Appearance on CNBC (May 12, 2010)
More Market Bulls/Bears:
- Markets to Rise 11-14% by Year-End: Equity Analyst
- There’s Still 'Plenty to Do in Financials': Stock Picker
- Why Dow 5000 Is Still 'Very Likely': Strategist
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No immediate information was available for Redler or Morgan.