Investors should brace for a near-term pullback in the first quarter of 2021, according to CFRA's Sam Stovall.and recover during the summer of 2021. Stovall explained that the market now is showing signs that investors are overestimating a recovery in the economy and earnings in the second half of 2021.
"Domestic equity markets appear to us to have over-discounted a second-half 2021 economic and EPS recovery...and as a result may be vulnerable to a Q1 pullback," the chief investment strategist said in a note to clients on Wednesday.
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