3:41PM Strategist remains cautious on market ($INDU, $COMPQ) by Michael Baron
The major U.S. equity market indexes have posted nice gains in the last few weeks but at least one pundit is skeptical of this trend continuing, at least in the short-term. "I don't think the market had more upside from here because of the magnitude of recent gains. There's [also] nothing positive on the fundamental side," remarked Barry Hyman, chief investment strategist at Ehrenkrantz King Nussbaum. "There's a big bet on Wall Street that the bottom was made in late September and that the recovery will be 'V'-shaped. But that hasn't been proven and the timing of the recovery is up in the air. I don't question people that choose to take profits now. The home runs have been few and far between and I think you can afford to wait before entering the market," Hyman continued. The Dow Jones Industrial Average ($INDU) is off 29.68 points, or 0.3 percent, to 9.347.35, while the Nasdaq Composite ($COMPQ) is tacking on 1.25 points, or 0.1 percent, to 1,709.33.
Schmuggler
The major U.S. equity market indexes have posted nice gains in the last few weeks but at least one pundit is skeptical of this trend continuing, at least in the short-term. "I don't think the market had more upside from here because of the magnitude of recent gains. There's [also] nothing positive on the fundamental side," remarked Barry Hyman, chief investment strategist at Ehrenkrantz King Nussbaum. "There's a big bet on Wall Street that the bottom was made in late September and that the recovery will be 'V'-shaped. But that hasn't been proven and the timing of the recovery is up in the air. I don't question people that choose to take profits now. The home runs have been few and far between and I think you can afford to wait before entering the market," Hyman continued. The Dow Jones Industrial Average ($INDU) is off 29.68 points, or 0.3 percent, to 9.347.35, while the Nasdaq Composite ($COMPQ) is tacking on 1.25 points, or 0.1 percent, to 1,709.33.
Schmuggler
