On Wall Street, behind the scenes chatter has everything to do with gains in the S&P and whether the stock market is at the beginning of a major march higher. Stocks certainly started the new year with a bang, the S&P 500 gained nearly 7 percent in about 6 weeks
The sheer force of the rally as well as the inability of sell-offs to gain traction has forced skeptics such as Fast trader Steve Grasso to completely re-think positions. And from what we’re hearing a major market skeptic is changing his tune.
Yes people, the perennially negative Nouriel Roubini – nicknamed Dr Doom for his usually critical views – is turning bullish. You read that right, Roubini is betting on additional stock market gains.
“We’re a believer; we’re celebrating. We think the rally has legs,” explains Gina Sanchez, Roubini’s director of equity and allocation strategy. She tells us that Roubini’s firm currently recommends being overweight equities, playing cyclical areas of the market such as technology [XLK 27.81 0.08 (+0.29%) ]. “Also we’d take some tilts into staples and telecom to collect yield. And we’d also be overweight ag and livestock. Generally we’d take advantage of the risk rally….”
Find out more at http://www.cnbc.com/id/46296487
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