“The U.S. economy continues to improve,” said Bryan Novak, senior managing director with Astor Investment Management, which manages $1.1 billion. “Anyone who has maintained that view has been rewarded over the past couple of years.” (READ MORE)
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The money added to the SPDR S&P 500 ETF this week may reflect more complex strategies than simply bullish investors buying stocks, according to Robert Stein, who helps oversee $900 million as president of Chicago-based Astor Investment Management LLC.
“People could be selling options against it,” Stein said in an interview. “They could be selling individual securities, doing the 80/20 thing where you buy the SPDRs and sell the 20 weakest stocks against it. That’s not really as indicative of buying as you would think.” (READ MORE)
Rob Stein, CEO of Astor Investment Management said that Tuesday’s pullback is mostly due to technicals rather than fundamentals. “When markets reach new peaks, investors tend to take opportunity and lighten up and rebalance. We think the economy is in its mid cycle and has more room to grow. All recent economic data point to acceleration. In this environment the our risk reward model is still favoring stocks with the good return for the next several quarters.” (READ MORE)