Don't fight the Fed, but don't chase this market, one strategist said. “After that 41% moonshot for equities, I don’t think this is a market you should chase, it’s also not a market that should be aggressively sold.'
A rally for technology and Chinese stocks has provided recent fuel for markets to keep rising and shake off concern around climbing U.S. COVID-19 cases. But pandemic worries may return on Thursday, as the daily deaths show signs of rising in the U.S., alongside a record jump in cases and the highest testing rate in a month.
What to do? “After that 41% moonshot for equities, I don’t think this is a market you should chase, it’s also not a market that should be aggressively sold, because of all the liquidity that’s piled up. It comes down to don’t fight the Fed, but don’t chase this market,” said Donabedian. “One approach for the long-term investor is to step back and view this market like an investor rather than a short-term trader, and that leads you to some conclusions about which parts of the market are likely to be more portfolio over time,” said Donabedian.
The market Dow YM00, -0.05%, S&P ES00, +0.14% and Nasdaq NQ00, +0.63% are mixed, while European stocks SXXP, +0.45% are up. Asia had a mostly bullish day, with China’s CSI 300 000300, +1.39% up 1%, now up over 9% for the week.
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