“I’m not bearish on the world,” says John Welsh, SVP of Peregrine Financial Group, Inc. (PFG). “It’s as good as it has ever been, but the enthusiasm for stocks is misplaced,” adding that all stocks are not taking part in the rally. The S&P is doing marginally well and the Nasdaq is just along for the ride.
“The Dow is the strongest because it reflects all the commerce and building,” Welsh says, adding, that despite interest rate and housing market fears, commercial construction remains strong. He suggests taking this opportunity to get out of individual losers. “There is more euphoria on Wall Street than on Main Street, regardless of what people are saying about gas prices.”
