Markets were mostly higher on Monday. While the S&P 500 gained less than 0.1 percent, Chinese stocks jumped over 1 percent on the first trading after a week-long Lunar New Year holiday.
“The risk remains that investors are unwilling to commit to a breakout until we see what emerges from U.S.-China trade negotiations and Brexit,” said John Hardy, head of FX strategy at Saxo Bank.
“We don’t see any major movements because of the general and global uncertainty,” said Sebastian Fellechner, rates strategist at DZ Bank.
Indeed, analysts appear divided over the market's direction.
“The opportunity has been to sell into this rally, or if you're aggressive, short,” said Joule Financial's Quint Tatro.
However, Piper Jaffray's Craig Johnson said it's safe to “buy the dip” as long as the S&P 500 stays above 2,615, although he is expecting a “market that will be largely range bound for the year”.
More bullish is hedge-fund manager Paul Tudor Jones.
“The S&P 500 will outperform its peers, it will outperform emerging markets,” he said. “I'm very bullish in the U.S. stock market.”
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