Despite the recent correction, markets will still end the year higher, said Art Nunes, CIO at Northwest Asset Management and Scott Redler, chief strategic officer at T3live.com.
“We’re in a bull market that will finish the year higher, but in the short-run, investors have to be careful not to chase prices because there are increasing signs that many areas are overbought and they have to be patient and wait to buy on pullbacks,” Nunes told CNBC.
In the meantime, Redler also said investors should be able to profit by buying the market dips.
“We had a 3.6 percent move from the high to last week’s low and we’ve already taken 50 percent of that back,” he explained.
Redler is “long” on gold, Oil Services HOLDRs , Bank of America , JPMorgan , Apple and Google .
But he is “short” SPDR S&P 500 .
Scorecard—What They Said:
- Nunes' Previous Appearance on CNBC (Dec. 21, 2010)
- Redler's Previous Appearance on CNBC (Feb. 17, 2011)
More Market Intelligence:
CNBC Data Pages:
Nunes, his family and clients own shares of GDXJ and PIZ.
No immediate information was available for Redler or his firm.