Investors need to stay 'patient' as 2024 trading ends: Strategist
Slatestone Wealth Chief Market Strategist Kenny Polcari joins Morning Brief to discuss investment strategies as the year draws to a close. Polcari reassures investors not to fear missing out during the final trading days of the year. He emphasizes that market moves can be "exaggerated" during this period, and while opportunities may seem fleeting, they aren't. "Take your time and be patient with new money," Polcari advises, adding, "Don't feel like you're being forced into doing something just because the market is up." Regarding 2024 year-end targets, Polcari anticipates the markets could push slightly higher, with the S&P 500 (^GSPC) potentially reaching 6050. He notes that investors "can't really complain about the stock performance of the year," and suggests that the upcoming Santa Claus rally will "set the tone for the new year." With the Trump administration about to begin its work, he recommends that "investors need to... just sit back and watch this unfold," adding, "I think you gotta let this play out a little bit." For investment strategies, Polcari cautions against "chasing" stocks. Instead, he recommends investors "take some of this new money that you're using and look for opportunities in maybe the sectors that have underperformed" or consider large-cap names "to provide stability" in their portfolios. To watch more expert insights and analysis on the latest market action, check out more Morning Brief here. This post was written by Angel Smith
