Richard Cripps, managing director of portfolio strategy at Stifel, Nicolaus Capital Markets, told CNBC’s “Squawk on the Street” that the market is now consolidating -- and investors should consider moving to quality stocks.
“I think the summer is going to be quiet,” Cripps said Tuesday. “I think we’ll get through earnings season in good shape."
"I think we’re in a period of consolidation. After 12 months of strong gains, I think we need more information on the direction of interest rates and inflation, before this market takes a leg higher.”
He said investors are trying to calculate what the market will look like in six to nine months, given higher oil prices, inflation and capacity utilization.
He said investors should consider stocks with sound fundamentals, including solid revenue growth and increasing profit margins.