Stocks had the best September in over 70 years. So can the rally continue this month? Peter Boockvar, equity strategist at Miller Tabak and David Kelly, chief market strategist at JPMorgan Funds shared their insights.
“The economy needs some confidence in the private sector,” Kelly told CNBC.
“This economy has what it takes to grow faster—we’re seeing major improvements in consumer balance sheets, we’re seeing a big pile of cash on corporate balance sheets so people have the ability to spend," he explained. "It’s important for the Fed and the federal government to say the economy has the ability to grow.”
Kelly said looking at the relative prices of stocks and bonds, stocks are "cheap" while bonds are "expensive," so investors should be overweight in stocks.
In the meantime, Boockvar said he expects markets to continue rallying in October.
“We’re having a quantitative easing party and we’re having an expectation that there will be a move to the center in Washington in November,” he said.
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Stock market analyst - positive market sentiment! Read articles posted today from very negative MARKET SENTIMENTs to very positive market sentiment. Fears and Emotions still the "mastermind" killers in stock trading.
"Traders' Bullish SENTIMENT" - Market will likely rally up to 1170 to 1180 range before consolidating again! Buy on dip blue chips still the catch of the day but not at higher high!
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