Stocks rose on Friday after a report showed consumer sentiment improved in early December and retail sales rose much more than expected last month. How will the markets finish year-end? Lawrence Glazer, managing director at Mayflower Advisors and Michael Cuggino, president and portfolio manager of Permanent Portfolio Funds shared their market outlooks.
“Given the move that the markets had off the March lows, it’s reasonable to expect some level of consolidation in this market,” Glazer told CNBC.
Glazer said given the improving economic data, it’s also reasonable to expect higher interest rates going forward.
“[But] there are plenty of opportunities for investors in this market as long as they’re patient,” he said.
In the meantime, Cuggino said the markets have had a Santa Claus rally for most of the year and now can go either way.
“Profit taking wouldn’t be surprising right now, yet I think there’s still room in the market to grow further both throughout the end of this year and into 2010,” he said.
Cuggino said he expects earnings growth to continue and added that the U.S. market is still an attractive place to put cash into if investors don’t mind volatility, don’t need liquidity and can be patient.
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No immediate information was available for Cuggino or Glazer.