"Investors right now think the pullback is already here and they're not buying stocks - and not selling but not buying at a time of inflows is forcing the market to drift higher," said Thomas Lee, U.S. equity strategist at JPMorgan in New York.
Volume hit its lowest levels so far this year on Tuesday with just over 7 billion shares traded on the NYSE, Amex and Nasdaq compared to last year's average of around 8.5 billion.
Lee is expecting a pullback in the March and April time frame, with the S&P 500 rising to 1,333 before falling to around 1,250, taking the market back to where it was in late December.
"You really need to start buying at the 1,270 level," he said. "You need to be selective and getting ready to buy that dip."
The 1,333 level is the double-your-money mark from the bear market intraday low of 666.79 in March 2009 and is seen as a significant level by some investors. |
发表于 2011-2-13 00:42
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