Big Cap, Cyclical Stocks To Power New Market Highs
The two-week summer shakeout in stocks beginning in late July has almost fully reversed, with the S&P 500(INDEXSP:.INX) making a near-perfect V-shaped bottom and rebounding to 1986 Wednesday, within a hair of a new all-time high.
So was this a fleeting and now-expired buying opportunity, or can investors plausibly play for more upside into September?
Chris Konstantinos of Riverfront Investment Group in Richmond, Va., says his firm’s tactical signals detected the likelihood of a recovery in recent weeks based on a welling-up of overly negative investor sentiment. And to him the picture still looks pretty attractive.
“From here, obviously, 2000 on the S&P is certainly a big psychological level and I think it will take some time and probably a little backing and filling for the market to break it,” he says in the attached video.
You can see the full “Yahoo Finance” segment below: