The Allianz chief economic advisor, who in early March correctly called a coronavirus-driven bear market, told CNBC he's reluctant to buy the recent reopening rally.
and Nasdaq were each up 48%. However, the Dow was still more than 8% away from its record in February.
Wall Street continues to believe in an economic recovery as states enter various stages of reopening.of the state's coronavirus reopening plan Monday, allowing more businesses to resume operations, including construction, manufacturing and curbside-pickup retail. Money also keeps pouring into stocks on the back of the Federal Reserve's massive monetary stimulus, including open-ended asset buying and near-zero interest rates. The Fed begins its two-day June meeting on Tuesday.
El-Erian said the decision on whether to buy into this market strength depends on a number of factors facing each investor and their tolerance for risk. "I've got to stress, this is a very personal choice. How else are you exposed? Are you structurally exposed to the market? Should you also be tactically exposed to the market?"
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