Investors eager to buy into the stock market rally may want to hold off, according to an analyst for Canadian investment bank Canaccord Genuity. The S & P 500 and Nasdaq Composite closed at all-time highs on Monday, adding to strong gains in the first half of the year. The tech-heavy Nasdaq ended the first half up 18.1%, while the S & P rose 14.5% and the Dow Jones Industrial Average gained 3.8%.
"We believe the high bar for Q2 earnings; underperformance of the average stock; and the potential for volatility heading into the Presidential election, may provide a better opportunity for buying on a near-term pullback rather than chasing new highs," he wrote. The stock market's strength since last October has been dominated by mega-cap tech stocks, he pointed out.
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