Thorne said it is important for investors to cut positions back where they might be “overweighted,” and look around for more conservative plays.
“The large cap asset class domestically probably does a little bit better [and] consumer sector does a little bit better also,” he said. “The economy is going to get better but October is going to be a cruel month for the markets. We may see an interesting 30 days here.”
In the meantime, Kelly said the market still has a long way to go on the upside but investors shouldn’t get too caught up trying to time the upsides.
“The good news is that the recovery train just left the station, but the bad news is that it’s local and it’s going to take a long time,” he said. “But everything we’re seeing suggests that the economy is growing not just here, but around the world at a 3 to 4 percent pace. We should sustain this for a number of years, but it will take us a long time to get us back to full employment. But while that’s going on, play the recovery trade.”
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Disclosure:
No immediate information was available for Kelly or Thorne.
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