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Wall Street trader Meyers: "Market to reach new highs"

17.02.2014 08:39

Warren Meyers of Illustro Trading believes in a fortified market. "A lot of analysts think that now that we have stabilized, we can go to new extended highs. I look for a continuation on the upside."

Many experts were hoping for the recent volatility to be the beginning of a correction, which now seems to be put on hold. "Volatility has picked up over the last couple of weeks. It has calmed down a little bit this week", says Meyers. "The sell-off was not the big correction everyone was hoping for. But it was enough for people to get back involved." The awful weather has certainly not gone unnoticed: "Everyone’s getting sick and tired of it. And that impacts the trading volume. A lot of people can’t get to work and don’t trade. It has an impact across the board." However, he does not expect any long-term harm: "The weather’s big impact has been discounted in the market. That’s why we’ve seen a continuing upward movement." Meyers’ optimism is also fueled by the Fed’s encouraging policies: "Even though they are tapering, the impact of the bond purchases has diminished over time. The zero interest rate policy is going to stay. They will do anything in their power if things turn ugly again. That floor is still in the market place, that’s why we didn’t get the big sell-off." Meyers pins his hopes on the following sectors: "I’m a firm believer that the financials and techs are leaders. You need those to get a strong upward movement. Because I believe we have more room to go on the upside, I would look at those areas." For more details tune into "Inside Wall Street" with Manuel Koch.

Looking for the German version for the interview? Click here.

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