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Home Economie

Stephen Weiss on market sell-off: ‘I don’t see any positive catalyst ahead’

by souhaib
September 28, 2021
in Economie
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The Dow Jones Industrial Average turned negative for the third quarter as the market sell-off continued on Tuesday and Short Hills’ Stephen Weiss warns that a rebound is unlikely in the upcoming months.

Stephen Weiss’ remarks on CNBC’s “Halftime Report”

On CNBC’s “Halftime Report”, Weiss cautioned that there were several factors that could continue to weigh on the market in the near term. He said:

Retails have stopped buying the dips. Supply chain and labour issues have worsened. My view on the market has been pretty consistent; I just don’t see any positive catalyst ahead.

Margin compression and a yield that keeps moving higher were among other reasons why Weiss has a negative outlook on the market. He added:

We might get a short-term pop when we agree to fund the country, but after that disappointing earnings quarter, and we’re not used to seeing those. So, I prefer to keep my exposure low and be out of low-quality names that aren’t based on valuation.

According to Weiss, he’s short on SPX and the Vaneck Semiconductor ETF. He’s also short on Micron Technology Inc (NASDAQ: MU) but plans on covering before the company reports its quarterly earnings today, after the bell.

Cerity Partners’ Jim Lebenthal disagrees

On the contrary, however, Cerity Partners’ Jim Lebenthal sees the market sell-off as a buying opportunity and suggests investors avoid being “thrown by the move in the ten-year”. During the same interview, he said:

Delta has peaked in the U.S. From here on, as consumer confidence improves, the reopening will continue apace. Stocks like airlines, casinos, hotels that were slaughtered from May until last week, that’s where the opportunity lies.

The post Stephen Weiss on market sell-off: ‘I don’t see any positive catalyst ahead’ appeared first on Invezz.



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