Stocks are just shy of all-time highs.
On Friday, S&P 500 had ended only 0.2% from the record levels after it had bounced over 1% for this week.
However market bull Jeffrey Saut has decided to not trust one outperforming sector which had carried the index to these heights.
Saut has said that he isn’t a huge fan of the utilities here. As per his interview on Friday he said that he was in this business for 49 years and has been looking at this business for 56 years and these utilities are valued as rich as they ever have been valued in his tenure.
The organizations which track the stock markets are trading at a higher valuations than earlier. The sector has been the second biggest performer on S&P 500 in the year.
He says that there isn’t any interest from his side in the utilities. And he feels that there’s a valuation metric which is much better in midstream master limited where a person can get yields which are 80% tax differed.
The unbeatable winner on stock markets has been tech and it is going to continue leading the rest of this pack and go higher as per him.
He said that he like tech and said that he has seen cases of people selling off Amazon and looking for who the next Amazon is going to be but in his opinion the next amazon is going to be nothing but Amazon.
As far as the rest of the market is concerned, Saut has said the stocks may be at a bigger risk of pullback even though it is a mild one before they get back up to their heights.
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