Thomas Peterffy, the chairman and founder of Interactive Brokers, sees more pain ahead for stocks as his customers are keeping their cash holdings at record...
Thomas Peterffy, the chairman and founder of Interactive Brokers, shared some thoughts about where markets might be headed during a Monday interview with CNBC’s “Squawk Box.”
... ““I think there is more pain to come. I expect the market to bottom out around 3,300. As interest rates indicate today, the Fed still has quite a bit of work to do,”” After declaring that IB’s customer base had allowed their cash balances to climb to record highs , Peterffy said he anticipates “more pain to come” for markets as the Federal Reserve continues to raise interest rates.
IB customers have been hedging their portfolios for “months” now, Peterffy added: “they have taken short positions in futures or have written call options against their stockholdings,” he said.As a result, consumer spending will likely slow, and relatively richly valued “growth stocks” will likely continue to lead the market lower.
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