- Advertisement -Newspaper WordPress Theme
FinanceRecord market breakout to run through December: Tony Dwyer

Record market breakout to run through December: Tony Dwyer

Investors might even see a satisfying ending to 2021.

According to Canaccord Genuity’s Tony Dwyer, excessive optimism and robust historic developments ought to offset overbought circumstances within the market.

The consequence: A file end.

“The internals of the market are still pretty sound,” the agency’s chief market strategist informed CNBC’s “Trading Nation” on Monday.

The Dow, S&P 500 and tech-heavy Nasdaq began the week by closing at all-time highs. The three indexes are additionally on a win streak — up 5 weeks in a row.

“The market hasn’t been that selective, frankly. It’s been the mega cap growth theme as well as the cyclicals,” the long-term bull mentioned.

In his month-to-month technique image guide out Monday, Dwyer made a case for a 3% to 5% achieve between now and the top of December primarily based on the everyday development.

“We believe the year-end opportunity still exists based on history of strong years through October, the improved tactical backdrop, and our core fundamental thesis — but, we would be patient buyers,” wrote Dwyer.

He contends the market backdrop may be very completely different than his “summer of indigestion” forecast.

“The broad market is acting better,” mentioned Dwyer.

But potential heartburn should be across the nook. Dwyer warns the ultimate weeks of the yr will get uneven.

“Broadly, the market should continue higher —a few more percent into year end,” he mentioned. “But it’s going to be a lot more difficult than the last really 9% in the last five weeks.”

Dwyer, who upgraded the market to purchase on October 4 from impartial, prefers cyclical teams proper now. He likes financials, industrials and supplies finest.

“It really comes down to a cyclical play versus an economically defensive play,” mentioned Dwyer. “The cyclicals still have more room to run into year-end.”



Please enter your comment!
Please enter your name here

Exclusive content

- Advertisement -Newspaper WordPress Theme

Latest article

More article

- Advertisement -Newspaper WordPress Theme