Stocks drop amid signs of a spike in coronavirus cases — Five experts on what to watch (via TradingNation)
Here's what five experts say investors should watch.
Darrell Cronk, CIO for wealth and investment management at Wells Fargo, is keeping an eye on key levels for the"I think we did get a little bit overextended. We were probably almost 75% into a retracement from the March 23 lows which is extremely high on a retracement. We did break the short-term 20-day moving average at the end of last week. We will probably go through the 200-day moving average, which is the support level.
Kevin Giddis, chief fixed income strategist at Raymond James, said the Treasury market could be sending a signal to equity investors. "Two distinct events last week that we've talked about a lot – one was the dovish Fed and their call for not even thinking about raising rates until 2023, and the rise in Covid-19 cases as the U.S. economy reopened. One thing I will point out, while the equity volatility was quite high, bond volatility went down last week, and I think that is the Treasury market in particular saying, 'Hey, this recovery is going to take longer than people think.
Sarat Sethi, managing partner at Douglas C. Lane & Associates, is picking out some beaten-down stocks.
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