'I'm actually encouraged by the action,' Morgan Stanley Investment Management's Andrew Slimmon said of the S&P 500's recent movements.
Equity markets have been rallying in the past week, with the S & P 500 benchmark briefly hitting a high of 5,500 last week before losing traction. The index has gained 15.4% year-to-date and just over 27.1% in the last 12 months. That movement has raised concerns on whether valuations are stretched, but Morgan Stanley's Andrew Slimmon has maintained his bullish stance on the stock market.
" Stocks to watch Slimmon sees several opportunities in the market. "In a month we will be into earnings reporting season again and I suspect the cyclical sectors will confirm the economy is remaining strong and the weakening thesis will be disproved," he noted. "Earnings revisions remain extremely strong year-to-date in many sectors so I would recommend focusing on stocks that have had excellent revisions but have lagged recently because of this narrowness of breadth ...
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