Investors can expect to see a stock market rally in the short-term, said Phil Roth, chief technical market analyst at Miller Tabak, and David Hefty, chief executive at Hefty Wealth Partners.
“There’s only about a 20 percent probability that the market can break below 1,280 on the S&P,” Hefty told CNBC.
“If we extend that forward, over the next 100 trading days, there’s about a 24 percent average return...so we’re very bullish here on the short-term.”
Hefty said he is mostly bullish on agriculture and energy sectors.
“On the technical side, that’s where we’re seeing the most momentum being driven to, and on the other side, more fundamental factors are continuing weak dollar policy and global increase in demand,” he explained.
In the meantime, Roth said he also likes the agriculturestocks amid soaring food prices. Roth added that he sees stocks moving higher in the next few months.
“The market looks similar to what it did last November, when we made new highs," he noted. "[We see an upside of] a 3 to 5 percent looking out in the next couple months.”
Teledyne Tech.Page 1 of 3 | Next Page