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Kevin Stankiewicz
@ K E V I N _ S TA N K
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KEY Wharton School professor Jeremy Siegel expressed concern Thursday about the TRENDING NOW
POINTS stock market’s strong start to 2020.
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“I’m just a little that this is becoming a momentum-driven market at this point,” in under 4 years
Siegel said on CNBC.
1
“I’m a little bit worried that if it continues much longer that something will puncture Warren Buffett calls this
it and people will get off the train,” he said. ‘indispensable’ advice:
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The market’s run is reminiscent of January 2018, Siegel said, when the S&P
500 posted, at the time, its best monthly performance since March 2016.
However, stocks plunged sharply in February before erasing their losses in the
spring and summer months and returning to record highs. The recovery only
lasted until the fall, at which point markets again fell sharply and reached a
nadir on Christmas Eve 2018.
That collapse at the end of 2018 set up a powerful 2019 rally, which saw the
S&P 500 gain nearly 29% for its best annual performance since 2013.
The index reached another record high on Thursday and is up more than 1% to
start 2020. This is in spite of a turbulent start to the year in geopolitics as
tensions between the U.S. and Iran have flared.
That does not mean the market is not vulnerable, though, Siegel said.
“I’m a little bit worried that if it continues much longer that something will
puncture it and people will get off the train,” he said.
Short-term traders with a tight range, on the other hand, should play the
market, Siegel said.
“But as we saw what happened in January 2018, boy, when you get off that
train it falls quickly,” he said.
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