Strategist Is Bullish on Summer Market Rally
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How’s this for bullish?
For the first time in at least four years, Morgan Stanley Dean Witter & Co. strategist Peter Canelo says institutional investors should put all their money to work in the stock and bond markets.
Canelo is one of only two strategists in Bloomberg News’ weekly survey of 16 brokerages to recommend that investors hold no cash. On Friday he cut his recommended cash holding to zero from 10%, raised stocks to 80% from 75% and boosted bonds to 20% from 15%.
“The summer rally’s here,” Canelo declared after the weak May employment report. Specifically, he recommended tech stocks, because if the economy is slowing--hurting many companies’ earnings--”people will put money into tech [companies] with reliable growth potential,” he said.
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