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Despite Market Gains, Strategist 'Very Cautious'

Adrian Day, chairman and CEO of Adrian Day Asset Management, said that despite market gains in the last few weeks, he is still considering stocks carefully.

“I’m very cautious right now,” Day told CNBC. “We’re slowly raising cash. Stocks in the U.S. are up in the last two months and it strikes me that we’re now running into some technical resistance here.”

Although Day said he is not necessarily worried about today’s stock market slide, the next two weeks will be “really telling whether the markets can hold these gains.”

Disclosure:

No immediate information was available for Day or his firm.

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