FILE PHOTO: A street sign for Wall Street is seen outside the New York Stock Exchange in New York CityNEW YORK - The first sharp pullback for U.S. stocks in half a year is leaving investors wondering whether to buy the dip or hold out for more declines.
A pullback is “long overdue,” said King Lip, chief strategist at Baker Avenue Wealth Management. “I think it's a garden variety correction at this point.” "We're not surprised that there was a bit of a pullback," said Sonu Varghese, global macro strategist at Carson Group, who has been using the recent weakness as an opportunity to increase positions in small-cap stocks.Still, investors have grown cautious. Clients of BofA sold $800 million in U.S. equities in the latest week, the third straight week they were net sellers, the firm said last Tuesday.
"We have repositioned a small number of positions, but I am waiting to see how earnings look before making any big changes to our portfolios."
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