The markets opened lower on Wednesday, but Carmine Grigoli, chief investment strategist at Mizuho Securities said he expects the stock rally to continue. He shared his market outlook and sector picks.
“I do expect the market to rise another 15 to 20 percent by the summer,” Grigoli told CNBC. “Fundamentals are very favorable—you’ve got the economy improving, profits are soaring, valuations are very cheap, acquisition activity is likely to accelerate very dramatically ... So this is favorable for equity prices and I do think that you remain invested.”
Grigoli told investors that he likes the technology stocks.
“They’ve got very high cash positions, they’ve generated an awful lot of excess cash flow, they’re of interest by foreign [markets] and these companies are expanding overseas.”
Grigoli said he also likes gold.
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No immediate information was available for Grigoli or his firm.