S&P 500 Will Continue Rising But Earnings Better Come Along for Ride, Strategist Says
After bouncing back strongly from the Brexit selloff, the S&P 500 is up over 6% so far in 2016.
Aug 1, 2016 4:13 PM EDT |Gregg Greenberg | The Street
After bouncing back strongly from the Brexit selloff, the S&P 500 is up over 6% thus far in 2016. Jimmy Lee, CEO of the Wealth Consulting Group, sees the index rising as much as 3% higher to 2,240 before the end of the year.
But if earnings do not rise to support those levels, he said the market could see a correction, and a “meaningful one” at that.
“We have not had a bear market since 2009 so I wouldn’t be surprised if we saw a shock at those levels,” said Lee. “I’d keep cash on hand to buy into this if it happens.”
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