There is still some recovery left in this rally and investors can still make money, said Andy Hartwill, market strategist at Quasar.
"The rally that we've seen since the lows in early March is all about repricing and lowering the price of risk — and not yet about discounting the future prospects for growth," Hartwill told CNBC.
“We’re not in the beginning of a new bull market, but the rally can carry on for about another 10 to 15 percent.”
Hartwill said the markets tend to follow a similar pattern when they emerge from a crisis. He said that according to the lessons of history, “we’re in for a long period of sideways trading.”
(Watch the video for more on Hartwill's market strategy.)
He expects that for the first time, the portion of the world's GDP represented by North America and Europe is going to drop below 50 percent while the East takes up the rest.
“The markets will trade sideways at plus-minus 20 percent so you can still make a lot of money, but it’s not a secular bull market — not in the West anyway,” he said.
No immediate information was available for Hartwill or his firm.
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