However, Piskorowski told investors not to expect a ‘V-shaped’ recovery, but a ‘U-shaped’ market bottom instead.
“Over the short-term, what that sets you up as we move into the end of August is more consolidation patterning,” he said. “The big picture is that this is going to be a long-drawn recovery.”
Kanaly said with high unemployment numbers, consumers are unlikely to go out and spend their money.
“Looking to the consumer to pull the economy out of the recession—you’re looking to the wrong place,” he said. “Consumers aren’t going to loosen their wallets until they feel they’ve got better employment prospects—and you don’t see any better job prospects on the horizon.”
More Market Insights:
No immediate information was available for Kanaly or Piskorowski.
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