Markets Likely to See Upside Breakout: Art Hogan
Stocks were mixed Friday, after a report on consumer sentiment dampened recent signs of economic growth. Art Hogan, global equity product director at Jefferies, discussed his insights.
“If we’re going to get out of this trading range, we break out to the upside,” Hogan told CNBC.
“The majority of investors and market participants are leaning in the other direction—waiting for the next shoe to drop, concerned about the double-dip recession, concerned about the elections, tax cuts not being moved forward—but I think if there’s going to be a break, there’s going to be against the consensus, which is going to be the upside.”
Meanwhile, Hogan noted that fund flow is improving in the market, and he continues to see moves into domestic equity ETFs.
“We’ve been waiting for this for six months,” he said. “We track the money flows very closely and that’s very positive, but what drives more retail investors back to the market is the improvement of the market.”
Hogan's Pick of the Week:
Darden Restaurants
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Scorecard—What He Said:
- Hogan's Previous Appearance on CNBC (Sept. 10, 2010)
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More Market Opinions:
- Strong Stock Rally Coming in Q4: Senior Adviser
- Cramer: Two Stocks Taking Off — Very Soon
- 10 Dow Stocks That Really Matter Most: Strategist
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CNBC Data Pages:
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CNBC Slideshows:
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Darden Competes With:
Brinker International
DineEquity
Cheesecake Factory
P.F. Chang's
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Disclosure:
No immediate information was available for Hogan or his firm.
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