Don't go bottom fishing
"That will put upward pressure on rates, and that's good for banks," said Harvey. "We want to buy things that are working. We don't want to go bottom fishing. We don't want to buy broken stories.""The funny thing here is a lot of people believe these are high tech and all tech-type stocks," he noted. "If you look at the momentum index and the Momentum ETF, 20% of it is in banks and three of the top ten names in the momentum ETF are banks.
Harvey estimates the market melt-up will last three to six months. In next year's second quarter, he expects a more hawkish Fed, decelerating growth and uncertainty surrounding the mid-term elections to start creating headwinds that could cause a 10% correction. "I hate this comment, but I'm going to give it to you anyway. I think it is a 'sell in May and go away,'" said Harvey. "By the time you get into late spring, early summer, you really want to turn more defensive."
It's still considered early for firms to deliver next year's S&P targets. Harvey's target is 4,715. The more bullish estimates so far include Credit Suisse's Jonathan Golub,
TradingNation 10% pullback 2022? More like 50%+.
TradingNation My very first investment was impressive because I got paid without regrets. I'm so excited earning a lot of money through jbrwon1 My withdrawals has been instant as expected,He is no doubt a reliable manager reach out to him jbrwon1
TradingNation I appreciate your determination in telling me I can do it! Thank you for your perseverance, support, and love I just received my payment ,you are a genius. If anyone out there seeking for a life changing opportunity contact jbrwon1
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Fuente: MarketWatch - 🏆 3. / 97 Leer más »