Financials are leading stocks higher as the Dow closed above the psychologically important 10,000 milestone. How much higher can we go from here? Dan Genter, president, CEO and CIO of RNC Genter Capital Management, and Dan Fitzpatrick, president at Stockmarket Mentor, offered their market outlooks.
(See their stock and sector picks, below.)
“It’s hard to paint a better picture,” Genter told CNBC.
“We’re probably going to go higher in the short-term and it looks like we’re certainly going to go higher in the next four quarters.”
Genter said investors should look into buying stocks on any kind of market weakness.
Fitzpatrick said equities will move higher in the near-term because of investor psychology blending in with price action in stocks.
“Right now, we are in a perfect storm where we’re getting a positive feedback loop in the market—where there’s so much sideline money, cautious money waiting for the big pullback that everyone’s going to buy, and it hasn’t happened,” he said.
“And ultimately, this is going to bleed into the retail behavior, because people feel better when the market’s moving higher even if they don’t have a piece of it.”
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No immediate information was available for Fitzpatrick or Genter.