The supermarket’s wild ride on Tuesday doesn’t necessarily mean it’s all downhill from here, but it could be a signal for investors to decipher some changes, Chris Bertelsen of Aviance Capital Management tattled CNBC on Tuesday.
The Dow Jones industrial average traded above 26,000 for the initially time on Tuesday before giving up its 283-point gain to thick lower. It was the blue-chip index’s biggest one-day reversal since Feb. 10, 2016.
“It’s a prophecy shot across the bow,” Aviance’s president and chief investment officer voiced in an interview with “Closing Bell.”
“It’s time to look a little myriad defensively … and start moving away from technology and some of the other eminences that have had huge runs here.”
He said he expects the make available to rise only 3 to 4 percent by the end of the year.
In fact, the S&P 500 has been stir up so quickly, it has already topped or matched about a third of Wall Boulevard analysts’ year-end 2018 targets, collected by CNBC.
Kenny Polcari, chairman at O’Neill Securities, told “Closing Bell” he thinks the market is debilitated.
“It’s overdone. I think the momentum has taken it so far out of line that it needs to arrive back,” he said. “It’s actually healthy for the market to pull back a insignificant bit to give [it] a chance to calm down.”
— CNBC’s Patti Domm forwarded to this report.