The recent market rally took many traders off-guard, but Scott Redler, Chief Strategic Officer at T3live.com, said investors can still prepare for the fourth-quarter move — where he predicts the Dow will reach 10,300 by year-end.
“The market has been in an uptrend since early March and until that gets breached, we’re going to keep going on that uptrend and keep making moves higher,” Redler told CNBC. "And every time we get into resistance zones we'll get a minor pullback but nothing severe."
“So every one of these pullbacks are met with buying,” he said. “If that continues, we could continue this march until year-end.”
He advised investors not to rush into buying bank stocks despite their recent big rally, but to wait for a sideways move.
“It’s important not to chase [financials] when you see multi-week highs and when you see everyone getting bullish,” he said.
Instead, "you wait for a sideways move...so that you can purchase then and have something you can base your trade on. You don’t want to chase moves, but you don’t want to fight them.”
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No immediate information was available for Redler or his firm.
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