Many investors are anticipating a major market pullback—so when will it happen and how should you strategize? Dave Rovelli, managing director of Canaccord Adams, and Peter Costa, president of Empire Executions, shared their market outlooks.
“No one understands why we’re not seeing a correction, but at the same time, there’s low volume,” Rovelli told CNBC.
However, he told investors to “never short a dull market,” and expects the markets to eventually “creep higher” over the next few weeks. He sees the correction coming in September.
“I’d like to see a correction—I’d like to see us come into 950 [on the S&P]—so that the bulls can step back in and get some better values,” said Rovelli.
In the meantime, Costa said markets will go through some correction in the long-term, but velieves there isn’t a lot of room on the downside.
“There are trillions of dollars on the sidelines—the market is going to bottom at certain points and that money is going to come back in,” said Costa. “There will be a correction, but it will always get stopped by this money that needs to be invested.”
No immediate information was available for Costa or Rovelli.
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