Paul Schatz, president at Heritage Capital, and Dan Fitzpatrick, president at StockMarketMentor.com, discussed their outlook for the economy — and shared their sector likes and dislikes. (See their recommendations, below.)
“We have seen a huge rally since the bottom in March and it’s going to continue,” Schatz told CNBC. “I think we’re going to hit at least Dow 10,000 by Labor Day.”
Fitzpatrick said although he is currently bullish, he is bearish long-term.
“I think we’re going a lot higher because there are people who have been selling at the 200-day moving average — and I’ve been one of them over the last week, too,” he said.
“But long-term, we’re seeing the stage for inflation; we’re seeing a little bit of that now and we don’t have the bullets to kill inflation once it starts.”
Fitzpatrick said the market is in a positive feedback loop in the short-term.
“There are a lot of latecomers that are well-enough capitalized that they’re going to push the markets,” he said.
- Arcelor Mittal
- RJ CRB Index
- S&P Materials
- Central App. Coal
- S&P Consumer Discretionary
- S&P Utilities
- S&P Homebuilders
No immediate information was available for Fitzpatrick or Schatz ______________________________