BGC Chief Market Strategist Michael Purves stopped by "Breakout" to share his view of what he calls a "wolf" market. Neither bullish nor bearish, Purves sees the market as range-bound, with Canis lupus risks lurking in the darkness.
Purves is particularly skeptical of the bullish case for Japanese equities, and he expressed doubts that the Japanese economy will finally recover after two decades of ongoing malaise.
Where to turn in such an environment? The strategist sees a safe harbor, of sorts, in silver. Both a precious and commodity metal, silver is the relatively cheap "little brother" of the more oft-discussed gold, Purves says. He's got a year-end target of $45 for silver, though he feels the metal is due for a rest after streaking to all-time highs this week.
Silver is not alone in streaking from higher to lower in this uncertain marketplace. Watch the interview to hear more insight from Breakout's newest Kemosabe. Then give us your feedback at firstname.lastname@example.org.