Stocks rose on Tuesday amid some positive earnings news and despite Greece bailout talks. So is the correction over? Peter Sorrentino, senior portfolio manager at Huntington Asset Advisors, shared his views.
“We’ve been struggling since we hit 1,100 on the S&P last November, so the internals were falling apart,” Sorrentino told CNBC.
Sorrentino said the market correction still has further to go, but based on previous trading days, it will be “an orderly process.”
“What we’re getting is a leadership rotation and we needed a trigger point—we needed something to inflect the market from that liquidity-driven phase we saw last year into something that’s supported by earnings,” he said. “That’s what will take us to the next level.”
Sorrentino said he likes thebig banks.
“Right now, they’ve been able to hold onto their franchises,” he said. “Goldman we made a lot of money on last year, so we’re holding that, but we like JPMorgan because it’s one of the few tigers left standing.”
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No immediate information was available for Sorrentino or his firm.