Monday, 19 August 2019

Stocks seen falling further

The S&P 500 fell 1.0 percent last week. It was its third consecutive weekly decline.

Bank of America-Merrill Lynch chief equity technical strategist Stephen Suttmeier told CNBC last week that the S&P 500 needs to fall another 5 percent and panic needs to get more extreme before it bottoms.

“The correction is going to continue,” he said, suggesting that it could take weeks for stocks to find a floor.

Cresset Capital chief investment officer Jack Ablin told CNBC last week that the stock market could stay weak even longer.

Ablin said that trade tensions will create more danger and volatility deep into 2020. “I’m not too hopeful about a trade deal,” he said.

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