S&P May Reach 1400-1430 by End of May: Strategist
The S&P may reach the 1,400 to 1,430 level between now and the end of May, said Michael McGervey, president of McGervey Wealth Management.
“We’ve completed a nice inverse head-and-shoulders baseand we broke out to new recovery highs and we’ve come back and tested the breakout point and bounced,” McGervey told CNBC. (Scroll down to see his full picks.)
However, McGervey warned that stocks are approaching the “end of [this] section of the bull market.”
“So I would be lightening up positions as we moved up above 1,400,” he advised.
(Meanwhile, Mark Arbeter, chief technical strategist of S&P, expects a few weeks of 'weak' price movement. Click to read more.)
Scorecard—What He Said:
- Arbeter's Previous Appearance on CNBC (Jan. 25, 2011)
- McGervey's Previous Appearance on CNBC (Feb. 22, 2011)
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CNBC Data Pages:
CNBC's Companies in the News:
McGervey, family and firm own shares of UTHR, TPX or NTES.
No immediate information was available for Arbeter or his firm.