Dow to Hit 12,000 Before Year-End: Portfolio Manager
Stocks rose across all sectors on Monday, led by telecom, utilities and consumer staples. Paul Schatz, president of Heritage Capital and Eugene Peroni, senior vice president and portfolio manager at Advisors Asset Management discussed their market insights.
“August should be pretty tame overall,” Schatz told CNBC Monday. “I think we’re building towards a significant market peak either late this month or early next month.”
In the meantime, Peroni said the market is in a “very powerful” cycle, led by the cyclicals, which “bodes well for the economy and the market going forward.”
“We’re in a seasonally quiet time, but if you extract the volume and look at money flow characteristics along with the price architecture of many individual stocks, we’re seeing a very powerful situation since the 2002 bottom,” he explained.
“So August is going to be a surprise on the upside—the Dow will breakout above the 11,000 mark and carry onto 12,000 before the end of the year.”
Research In Motion
Scorecard—What They Said:
- Peroni's Previous Appearance on CNBC (Jul. 27, 2010)
- Schatz's Previous Appearance on CNBC (Aug. 3, 2010)
More Market Intelligence:
CNBC Data Pages:
No immediate information was available for Peroni or Schatz.