Stocks are starting the new year with a bang. The major averages are seeing their best gains since November, but will it continue through January? Ned Riley, CEO of Riley Asset Management, shared his market strategy.
“What we have is an economy that’s not going to weaken in the second half of the year,” Riley told CNBC.
“If you start to look at the tech area, that’s the one prime area where you’ve got secular growth and that’s going to continue.”
Commodities have been on the rise Monday, amid speculation that inflation may grow this year. But Riley said commodities will not be the leaders.
“What’s happening right now is that the hedge funds have found their little playground for a while...So instead of playing in the big indexes like they did last year, they’re going into the lower liquidity areas of the market, whether it’s gold, platinum or copper,” he said.
“This is a long-term bull market and we will see those commodity stocks and oils in general do a market-type performance.”
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No immediate information was available for Riley or his firm.