Michael Driscoll, senior managing director of equity trading for Bear Stearns, told CNBC’s “Morning Call” that he believes 2007 will be a year for traders –- not investors.
“I’m not saying get out (of the market),” Driscoll said Thursday. “I just think 2007 is going to be very much a trader’s market. When it’s all said and done at the end of the year, I think we’re going to do fine and be somewhere around historic returns. But you sell stocks when things get a little frothy.”
Driscoll said he’s not anticipating a sharp downturn, but expects that someday “we’ll wake up and there will be a reason to sell the market off 2%.”