Sam Stovall, chief investment strategist at Standard & Poor’s, told investors what to expect for the second half of the year and 2010.
“The economic growth projections are still fairly strong for China in 2010,” Stovall told CNBC. China is "likely to see a gain of more than 8 percent next year, compared to 7 percent and change for this year.”
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Stovall said the market got a little bit ahead of itself and traders tried to take profits.
“But I think it’s offering more of a longer-term buying opportunity—maybe bringing the S&P down to about 950 before it turns around,” he said.
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We’ve been seeing a slower decline in the market, said Stovall and told investors to expect earnings to trough in 2010.
“[But] we’ll be spelling out the recovery without a ‘V’—certainly not an upper case V, and we’ll start to see some revenue start to inch higher,” he said.
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No immediate information was available for Stovall or his firm.
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