Jim Thorne, chief market strategist at Wellington-Altus Private Wealth, says oversold technology stocks could experience a “violent bounce” over the next two to three weeks. He believes slowing capital expenditure will benefit the artificial intelligence trade. Nevertheless, he forecasts the S&P 500 will reach 10,000 next year and advises investors to trim into the rebound while adding to cyclical areas such as the equal-weighted S&P 500, banks and small-cap value stocks. Investors who are already balanced between cyclical and structural holdings should let their positions ride.
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