Don't chase new highs, wait for a market pullback, advises Canaccord Genuity

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A U.S. analyst for the Canadian-based investment bank is cautioning investors to hold off buying right now.

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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