Markets are at a “very important” point and if we don’t see a breakout in the next two or three days, we’ll go into a correction, said Clem Chambers, CEO of ADVFN. He shared his market outlook.
“If you’re a bull, you’ll be looking for a breakout in the next 2 to 3 days that could lead to a 10 to 15 percent rally from here,” Chambers told CNBC. Otherwise, we’ll go into a correction and “drop 8 to 9 percent.”
Chambers described himself as a “perma-bull” and said he expects a breakout.
He said technology stocks are looking positive for investors and added that there is a “good chance” that the sector is making a cyclical comeback.
“There’s more to come,” he said of the sector. “We’ve seen the first early stages of a cyclical rise that will go on for a long time, so there’s a lot of gas that will drive it forward.”
“There’s a lot of new technology and new ideas coming out and there’s still good value," he continued. "And normally, technology doesn’t stop until the valuations are completely off the dial."
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No immediate information was available for Chambers or his firm.