Canaccord Genuity's Dwyer: 'We're Probably Halfway Through Correction' for Stocks

Friday, 08 Aug 2014 10:00 AM

By Dan Weil

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The S&P 500 has slid 3.9 percent from its July 24 record high and will probably fall about the same amount further before the correction ends, says Tony Dwyer, equity strategist at investment bank Canaccord Genuity.

"I think we're in that part, similar to earlier in January, where we're probably about halfway through what the actual price correction is," he told CNBC.

"I'm talking about from a timing correction, we're very close to being there."

Editor’s Note:
Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

To be sure, Dwyer hasn't dropped his long-term bullishness. Low inflation, a steep yield curve, strong economic growth and strong earnings will ultimately drive stocks higher, he noted.

Dwyer has a 2,185 year-end target for the S&P 500, the highest on Wall Street, according to CNBC. That would represent a 14 percent increase from Thursday's close of 1,909.57.

"If we think there's going to be 3 to 5 percent downside from here and have a 20 percent upside target, how can you possibly be bearish on that? You want to use that liquidity. It's kind of trying to invest smart versus looking smart," Dwyer explained.

"I'm telling people to buy. If you're looking out past the next six months, buy the next tick, buy next week's tick, buy next month's tick. It doesn't matter. I think the market's going to be significantly higher."

Others too recommend buying into weakness.

"There's going to be a lot of noise intraday going forward, but we still see the fundamental trend moving higher," Sam Turner, a fund manager at Riverfront Investment Group, told Bloomberg. "We might slip back to flush out the remaining weak hands, but we're recommending buying this dip."

Editor’s Note: Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

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