Doug Cote, chief investment strategist at ING Investment Management, says the pullback is not unexpected.
The reason we are seeing a sharp selloff today is because the dismal ISM numbers came at a vulnerable time for the markets. There is a cascade of uncertainty while tapering is on, as it should be.Markets need corrections from time to time and this well may turn to be one. At the moment we would call this a meaningful pullback.We will be watching Thursday’s ECB meeting and Friday’s jobs number very closely.
