Have we hit a market bottom?
Kenny Polcari, senior market strategist at SlateStone Wealth, weighs in on the markets.
Watch the video above for more.
Happy Friday. Have we hit a bottom? Should investors start feeling optimistic? Joining me to break down his thoughts on the markets this morning is Kenny Paul Carey, Senior Marketing Strategist at Slatestone Wealth. Kenny, Leon Cooperman said that he's optimistic that the stock market has bottomed amid the coronavirus fears. Do you agree on this?
I think that the market has found a bottom. I don't necessarily think that we've bounced off of it and we're just on our way higher from here. I think the next couple of weeks is still going to remain volatile. I don't think it's going to ... The virus is not going to hit the East coast for at least another two weeks and then it's got to work its way across the country.
So I still think that there's going to be some volatility, although I do think the lows, the most recent lows are probably the worst of it in terms of a market bottom. I think there's going to be another opportunity, and you see it today, right, where the market's down almost 900 points, as we're speaking, taking back a lot of yesterday's gains. I think that's what you're going to see over the course of the next two or three weeks, is this churn back and forth with the market attempting to move higher, trade lower again to make sure that the buyers are all there at that level that we discovered last week.
All right, Kenny, thank you for joining us today.
You're very welcome.