Stocks will break out of trouble and hit new record highs, market bull Tony Dwyer predicts
A significant buying opportunity may be unfolding on Wall Street.
Canaccord Genuity’s Tony Dwyer believes a record rally will follow the recent market turmoil.
“We’re going to move from this summer of indigestion into the year-end opportunity,” the firm’s chief market strategist told CNBC’s “Trading Nation” on Tuesday. “We’re just not quite there yet.”
The Dow and S&P 500 just recorded their fourth negative session in a row. The activity follows the indices’ sharp decline on Monday. Right now, the Dow is off 5% from its all-time high while the S&P 500 and tech-heavy Nasdaq are down 4%.
“It’s a multi-month correction in the broader market,” said Dwyer. “We’re neither extremely overbought or extremely oversold at this point given the near 2% decline yesterday.”
Dwyer, a long-term market bull wh