Consolidation Is 'Normal' Bull Market Aspect: Strategist
Stocks slipped Monday after closing last week at their highest levels in more than two years. What should investors expect going forward? Bryan Piskorowski, managing director at Wells Fargo Advisors, shared his outlook.
“We’re lacking any catalyst in today’s session and arguably for the next couple of weeks, and that’s what the market’s dealing with,” Piskorowski told CNBC.
Piskorowski said the market is likely to pare back and consolidate in the near-term, following the recent rally in September and October.
“And from our perspective, that seems normal and we think it’s part of the bull market,” he said. “What you’re seeing is a classic second-year type of recovery—2011 is going to be a positive year for the markets, although short-term we may have some volatility.”
Scorecard—What He Said:
- Piskorowski's Previous Appearance on CNBC (Oct. 4, 2010)
More Market Views—Read and Decide:
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No immediate information was available for Piskorowski or his firm.