“As markets head for summer doldrums, analysts are becoming more concerned that the long bull market in stocks is ripe for a correction.
“We’re in a period where equity markets generally want to go up, but they went up so much last year, that they’re having a bit of a holiday,” Richard Harris, CEO of Port Shelter Investment Management, told CNBC.
“This is a kind of a lull in an ongoing bull market and as a result there is some sensitivity to subtle bits of bad news,” he said. “While the markets are not quite too sure, not quite too confident in themselves, this is the time we might have a little (rapid correction).”
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The S&P is now nearly 1 percent higher for the year, after rising around 30 percent last year, but it is still down over 1 percent from the all-time high it touched in early April.
The Dow Jones Industrial Average is off around 1 percent this year, after climbing over 22 percent last year.
Harris expects the market could “take fright” from any number of factors, such as an escalation of tensions in Ukraine, deleveraging in China or even if the Federal Reserve’s moves to taper its asset purchases prove to be too fast….”
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