Canaccord Genuity's major indicators are approaching levels last seen right prior to or during the market correction in May, suggesting a similar correction is coming.
Dwyer said any imminent weakness should be "limited and temporary" and will "provide a more attractive entry point for a move toward our 2020 target of 3,350."While markets were hitting all-time highs yet again on Tuesday, Canaccord Genuity says it's time for a market pullback. "The S&P 500 has reached into a level of overbought territory that suggests a period of consolidation and increased volatility may lie directly ahead," Canaccord Genuity analyst Tony Dwyer said on Tuesday., along with the other major indices, have been on a tear, with the S&P 500 up more than 20% since the start of the year and more than 6% so far this quarter. The index hit an all-time intraday high at 3,017.80, and record close at 3,014.30 on Monday.
Dwyer said stock participation is dropping, suggesting the market has already started to correct internally.
If I had a basis point every time you all ran this headline, I’d out perform the market like my last name was Buffett. Any analyst could say this at literally any moment of any day and be no less right or wrong. Perpetuating the fear game to drive up trading revenues as usual.
Stocks a bit over bought. But how big a pull back?
another market analyst says it might not be