Don't anticipate another catastrophic collapse to affirm your recession predictions this year, but rather a slow-moving downturn, says Canaccord Genuity Chief Market Strategist Tony Dwyer. "This is the most talked about recession of all time," Dwyer told Melissa Lee on CNBC's " Fast Money " this week. He explained that one of the issues he sees among investors is they are waiting for another SVB or Lehman Brothers moment to signal a recession.
Despite the benchmark's 14% gain this year, Dwyer explained that the median stock in the NYSE is only up 3%. And 54% of the S & P 500 is trading 20% below its 52-week high. "We're in this squiggly environment where a lot of stocks have already come down quite a bit from their peak," he said. "And they're sitting there." How to play it Dwyer says investors should buy short-term U.S.