Expect Bullish Trend to Continue—Buy Metals: Strategist
CNBC.com Writer
Expect to see a continued bullish market in the short-to-intermediate term, according to David Loesser, president and founder of The Estate Planners Group.
“This is a wonderful market—from a technical point of view, we see the 20-day, 50-day and 100-day moving averages being exceeded by their price pretty significantly,” Loesser told CNBC.
Loesser said he favors gold, silver and recommends shorting the dollar.
“We love other metals as well such as copper,” he added. (Scroll down to see his best plays.)
In the meantime, James Dailey, CIO and senior portfolio manager at Team Asset Strategy Fund, said the markets are battling between a “potential double top” and an “inverse head-and-shoulders pattern” in the short-term.
“With a close today above 1,340 [on the S&P 500], that would be a breakout and there’s a risk of a pop and drop,” Dailey explained. “There’s been a lot of put buying in the last several days in anticipation of some resistance in that area.”
“In the intermediate term, I still think the monetary backdrop is still bullish for stocks but it’s definitely moving into a speculative environment.”
Loesser’s Long-Term Plays:
ProShares Ultra Gold
ProShares Ultra Silver
Copper
Cofee
Corn
Dailey Likes:
Kinross Gold
Microsoft
Nokia
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Scorecard—What He Said:
- Dailey's Previous Appearance on CNBC (Mar. 9, 2011)
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More Market Intelligence:
- Tech Sector 'Still Looks Very Strong': Stock Picker
- ETFs: New Warnings of Systemic Risk
- 9 Stocks That Gain Every Earnings Day
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CNBC Data Pages:
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Disclosures:
Loesser, his family and firm own gold and silver ETFs, coffee and corn futures.
Dailey has exposure to KGC, MSFT and NOK in the TEAMX Fund, which he owns.
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