Stocks wavered Thursday after a report showed existing-home sales rose and the supply of homes on the market started to shrink. What should investors be watching for? Ryan Detrick, chief technical strategist at Schaeffer’s Investment Research, discussed his insights.
“With the overall market, there are some concerns short-term,” Detrick told CNBC.
“But that’s only short-term concerns. Longer-term, the economy looks good, expectations are still a little too low.”
Unfortunately, investors are still skeptical of the stock market, as evidenced by money continuing to flow into the bonds, said Detrick.
Detrick said he likes the housing sector.
“Most housing stocks are up quietly over 20 to 30 percent since December and I don’t think a lot of people realize that,” he noted. “It could be an area where people make a lot of money over the next 6 to 9 months out.”
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No immediate information was available for Detrick or his firm.