Paulsen got cautious on US stocks at the end of last year and predicted a sideways 2015, which has come to pass so far, with the Dow Jones Industrial Average up about 1.5% this year based on Friday’s close. …
Acknowledging the upswing in stocks, Paulsen said the market could go higher in the short term. “But we may get a full blown correction yet,” he warned, pointing out it’s been the “third-longest period in post-war history without a correction.”
“The big event is yet to come, and that’s the [Federal Reserve raising interest rates], and I think it’s going to happen this year. … I guess I lean more toward September … We’re going from the mother of all monetary easing cycles, we’re now finally going to turn the monetary boat for the first time. … To think we’re just going to skate right through that seems unrealistic.”
— Excerpt contributed by Jason Kelly
Z-val definition and more forecasts in The Z-val Zone.
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