Stocks wavered on Thursday as the market shrugged off an encouraging jobless report and news of a bailout for Greece. How should investors be positioned? Maury Fertig, chief investment officer at Relative Value Partners, and Ryan Detrick, chief technical strategist at Schaeffer’s Investment Research, discussed their market outlooks.
“It seems like sentiment has turned extremely negative,” Detrick told CNBC.
But despite the negative sentiments, Detrick believes the second half of the year will be strong for the markets and investors should be in them.
“If we look at the economy, you see a very steep yield curve—it's the bond market’s way of saying that things will turn around," he explained. "Also, if you look at the leading indicators, look at the manufacturing numbers, productivity numbers are strong as well."
"We think the jobs are going to come and the economy should continue to turn around,” Detrick added.
In the meantime, Fertig said he also expects markets to rise.
“It’s going to take a catalyst...for us to break out of this trading range," he said. "We’ll be higher at the end of the year, but it will be choppy—we’ll test the 10 percent correction level, but ultimately, earnings and M&A activity will win out and I’d buy the market on dips.”
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Fertig’s firm owns shares of SCD.
No immediate information was available for Detrick or his firm.