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Scott Minerd
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As Chairman of Investments and Global Chief Investment Officer, Mr. Minerd guides Guggenheim’s investment strategies and leads its research on global macroeconomics. Prior to joining Guggenheim Partners, Mr. Minerd was a managing director for Morgan Stanley and Credit Suisse. He is involved in... More
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Guggenheim Partners
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Market Perspectives
  • Market Jitters Return 0 comments
    Oct 3, 2012 11:52 AM

    A few weeks back I pointed out that every bit of good news was being discounted into the market and that a continuation of the trend was unlikely. Now that the good news has been digested, market participants are increasingly returning to their worries. Europe, China, and the Fiscal Cliff are back on center stage.

    This is not going to derail the underlying trends which support further U.S. expansion and the continued resolution of the issues on the continent. Nevertheless, the market needs time to consolidate and we are now in the most seasonally difficult time of the year.

    Given that credit spreads have plunged and equities have surged higher, especially in Europe, I would expect some kind of pullback in stocks and credit spread widening in the coming weeks. The good news is that pullbacks should be regarded as buying opportunities. I expect the rally to resume before the end of October, with the S&P500 reaching its all time high of 1,565 before the end of the year, and rising stock prices buoying Christmas sales.

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