Don't Overreact as Markets 'Meander': Strategists
Investors should stay calm no matter which direction the market is moving, two strategists told CNBC Thursday.
"Most of the time the markets are going to meander up and down, and that's what we've seen for most of the year," said Joseph Duran, CEO of United Capital Financial Partners.
"What you want to do is not overreact in either direction," he said. "You really want to make investments that pay" as the U.S. debt ceiling fight, EU debt crisis bail out, problems in the rest of the euro zone "get worked out," he said.
His picks are in exchange-traded funds, or ETFs . He likes the iShares MSCI Emerging Markets , Spdr Gold Trust and iShares Trust Dow Jones Select Dividendfunds.
In the same interview, Andy Bischel, CEO of SKBA Capital Management, said there is "still more upside left in this market" and "you can have high-single rates of return over next three years."
But to get the Standard & Poor's 500 back to 1400, he said, the U.S. debt problem must be resolved and the trade agreements awaiting approval in Congress must be ratified, which he said will have a beneficial effect on the U.S. economy and jobs.
Bischel said it remains to be seen whether the earthquake and tsunami in Japan earlier this year is still disrupting the supply chain, but he expects "employment growth is going to start again in August."
His picks are Bristol-Myers , Nucorand M&T Bank .
CNBC Data Pages:
- Dow 30 Stocks—In Real Time
- Oil, Gold, Natural Gas Prices Now
- Where's the US Dollar Today?
- Track Treasury Prices Here
Disclosure information was not available for Joseph Duran, Andy Bischel or their companies.