Markets In Correction Phase

Stocks performed poorly in the wake of European debt worries. However, Art Nunes of IMS Capital Management is still bullish on the market. Nunes shared his opinion with CNBC and said, “We’ve been in a cyclical bull market for 14 months and the primary trend remains higher.” He said the markets are currently in the third correction phase of a bull market.

Nunes also stressed that the primary bull trend is still intact. He said that the market fundamentals are strong. According to him, “We have plenty of liquidity on the sidelines and we have a healthy dose of bearish sentiment on the sidelines.”