Market Rally Will Not Continue, QMA's Campbell Tells CNBC
NEW YORK (TheStreet) -- The recent market rally, with futures closing higher the past seven consecutive days, is "a little too much, too fast," QMA Managing Director Ed Campbell told CNBC's Joe Kernen on "Squawk Box" Tuesday.
"I think it gets tougher from here," Campbell predicted.
Futures are edging slightly lower as the trading day begins. The Dow Jones opened lower by 0.12% to $18,510.18, the S&P 500 is lower by 0.28% to $2,160.89 and the NASDAQ began trading down by 0.25% to $5,043.26.
The "post-Brexit" market rally is being driven by the expectations for an easing of central bank policies and the realization that the U.K.'s decision to leave the European Union is going to leave a "local shock," not global, Campbell explained.
"I do think the market is probably priced for mid-single digit returns from here," he continued.
For investors, areas in which QMA "touts" are high-yield bonds and emerging market debt, according to Campbell.