Use Pullback as 'Buying Opportunity' Into Year-End: Strategist
Stocks tumbled Tuesday amid tensions between North and South Koreain addition to ongoing worries about European debt. Brian Peardon, wealth advisor at Harrison Financial Group, and Ryan Detrick, chief technical strategist at Schaeffer’s Investment Research, shared their insights.
“The overall upward trend will probably continue into the first quarter of next year, but there are some concerns between the 1,220 and 1,230 level on the S&P,” Detrick told CNBC. “Some of the sentiment polls got a little too optimistic, so makes sense that we’re pulling back in this range here.”
According to a research study from Schaeffer’s, Detrick said the past 10 years worth of data during the Thanksgiving week suggest that the overall market trend will continue higher after the current selloff.
“This pullback is a buying opportunity into the end of the year,” he said.
In the meantime, Peardon said he also sees a positive trend heading in to year-end, with the S&P 500 index finishing in the high 1,200s or low 1,300s.
“Look at some of the companies coming out with good earnings, great growth and a positive GDP,” he said. “Those are all the positives to keep this market going in the right direction until the end of the year, provided there are no surprises coming out of retail sales, and anything from Black Friday that could upset the mix and the trends that underlie this market.”
Scorecard—What They Said:
- Detrick's Previous Appearance on CNBC (Nov. 12, 2010)
- Peardon's Previous Appearance on CNBC (Oct. 2, 1020)
More Market Views:
- US Economy Close to Seeing 'Trend Growth': Pro
CNBC Data Pages:
Tuesday's Dow Laggards (as of this writing):
No immediate information was available for Detrick or Peardon.