A return to this S&P 500 level could suggest the bottom is in for stocks (via TradingNation)
That level is more than 10% from the S&P 500's record high of 3,027 hit on July 26."Our year-end target is 3,030 on the S&P. So, clearly we're constructive here," he said.
The big near-term challenge is the escalation of the U.S.-China trade war, according to Wren. Even if an imperfect deal is reached between the two countries, Wren speculates stocks will break out of the painful slump. "It's something like you remove the tariffs. You take away the promise that more are coming," he said. "You get back to some kind of certainty."
Until then, Wren makes it clear that he's staying away from stocks. He's more comfortable parking some money in cash and short-term Treasurys while waiting for an entry point around the 2,700 level.In his latest weekly note, Wren advised investors to reduce risk in their portfolio. According to Wren, it's no man's land in terms of picking out a profitable spot in the market right now.
"The negative risks to our outlook have increased meaningfully in recent weeks," Wren wrote. "The uncertainty likely will not go away soon. Immediate gratification is not in the cards."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sarah Hyland Shares Flirty Instagram Exchange With Fiancé Wells AdamsSarah Hyland is showing off her limber legs... and her NSFW sense of humor. 🤣
Read more »
Wells Adams Thinks Fiancé Sarah Hyland's 'Hip Is Broken' In Crazy Flexible InstagramActress Sarah Hyland posted an Instagram promoting her new movie, but fans can't stop focusing on her crazy flexibility, including her fiancé Wells Adams.
Read more »
Wells Adams on Why He and Sarah Hyland Aren't Rushing Wedding PlanningWells Adams and Sarah Hyland are in no rush to tie the knot.
Read more »
'Bachelor in Paradise': Wells Adams on the Worst Mistake Blake MadeWells Adams thinks Blake Horstmann and Dean Unglert are 'neck and neck' for the title of biggest BachelorInParadise f**kboy.
Read more »
Dow drops more than 100 points as bond-market recession indicator, trade worries worsenThe Dow dropped more than 100 points as trade uncertainty continued and a recession indicator from the bond market worsened. As the yield curve remained inverted, both the S&P 500 and the NASDAQ also closed down.
Read more »
Jim Cramer breaks down recession fears — 'I think the yield curve linkage is wrong''Until we get some tangible signs that the economy's picking up, you're going to have to get used to the market,' Jim Cramer says.
Read more »