CNBC Stock Blog

Technical Analyst Sees a 'Cruel' Summer for Stocks

Get ready for a "cruel, cruel summer where we’re going to see low equity returns, high volatility and low trading volume," Craig Johnson, technical analyst at Piper Jaffrey, warned CNBC Tuesday.

Charting the Markets

Last week's rally notwithstanding, "We do think that with the selloff since May we may see some backing and filling in the market," he said.

"We have been looking for a bit of a relief rally. We did get that relief rally. It has already started and we think it’ll carry on a little bit higher. But we don’t think it’s going to last."

Johnson's stock picks include Riverbed Technology , United Technologies and Aetna.

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Craig Johnson, his family and his company do not own shares of RVBD, UTX and AET.