×

Pros Say: Stocks to Consolidate, But Won’t Hit March Lows

Stocks skidded Friday after a disappointing report on consumer prices and worsening consumers' sentiment. There was one bright spot on the economic front: Industrial production rose 0.5 percent in June, the first increase in nine months, offering fresh evidence that the recession is winding down. Read and listen to what the experts had to say...

S&P to 1,053; Nasdaq to 2,250 by September

The S&P 500 index could hit 1,053 and the Nasdaq index could rise to 2,250 by early September, said independent trader Bill McLaren. He sees the dollar possibly creating a new low in coming months, as "absolutely everybody is bearish."

Stocks to Consolidate, But Won’t Hit March Lows

"We are now headed towards a period of consolidation," said John Haynes from Rensburg Sheppards. "We've defined the low-end of the range and I don't think we're going to be touching anywhere close to that." He sees stocks ending the year within 10 percent of where they started.

Counterpoint:

Economy has Turned a Corner

Pierre Gave, at Gavekal Holdings said the financial system is healing and the economy has turned a corner. “I think structurally, I remain quite bullish. The financial system appears to be healed now and you’re starting to see the economy going back into business again and global trade picking up,” he said.

Counterpoint:

BBB_Badge.jpg

Bullish on Commodities

Patrick Armstrong from Armstrong Investment Management said he is keen on commodities. In the short term, commodities are very volatile but in the long-term, consumer demand is growing at a "rapid rate" and will benefit the commodity sector, he added.

______________________________
CNBC Slideshows:

______________________________

______________________________
CNBC's Companies in the News:

UBS

  • First Alleged Tax Dodger Pleads Guilty as UBS Client

BB&T

  • FDIC Seizes Colonial, BB&T To Buy Assets: Report

Berkshire Hathaway

Bank of America

______________________________

Disclaimer