If S&P Holds This Level, Stocks Will Rally: Pro
Stocks declined Tuesday as traders took a breather from a rally that brought indexes to their highest levels since September 2008. Phil Roth, chief technical market analyst at Miller Tabak, and Paul Schatz, president of Heritage Capital, shared their outlooks.
“The market loves free and easy money—so in the intermediate term, we’re clearly moving higher,” Schatz told CNBC.
However, Schatz said that markets have rallied “really far, really fast” since August and expects either a pause or slight pullback.
“If we pull back 2 to 4 percent, we reload for another run in the year-end,” he said.
In the meantime, Roth said the short-term outlook for stocks is strong. (Scroll down for his full list of picks.)
“Traders and investors should keep an eye on the first support [level], which is about 1,170 on the S&P, and as long as that holds on little dips, I would look forward to work its way higher,” he said.
Scorecard—What They Said:
- Roth's Previous Appearance on CNBC (Oct. 12, 2010)
- Schatz's Previous Appearance on CNBC (Nov. 5, 2010)
More Market Opinion—Read and Decide:
- Stock Picker Sees Plenty of 'Bargains to Be Found'
- Doug Kass: The Market Has Hit the Top
CNBC Data Pages:
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No immediate information was available for Roth or Schatz.