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During Thursday's broadcast of Benzinga's "PreMarket Prep" show, Christian Fromhertz, CEO of Tribeca Trading Group, said "this is a day trader's market right now" given the exceptional volatility seen in the last week.
Fromhertz On Market Landscape: The banking crisis will take some time to resolve, which might imply that policy overtightening by central banks could have reached its peak, Fromhertz said.
We are moving from an inflationary to deflationary environment, and this may be an attractive background for growth and tech companies, he said.
Recent price declines in oil crude and copper — two cyclical commodities tied to the health of the economy — essentially reflect a demand drop, which is what the central bank aimed for, the Tribeca Trading CEO said.
"As all these things settle down, we start to see the light at the end of the tunnel," he said." "Take what the market is giving you, which are day trading opportunities."
Fromhertz said he maintains his bullish stance on the semiconductor industry, which he said may be bought on dips.
The iShares Semiconductor ETF (NASDAQ:SOXX) has surged 3% over the last week and is now up 22% year-to-date.
Chart: TradingView
From the start of the year, growth stocks, as tracked by the iShares Russell 1000 Growth ETF (NYSE:IWF), have outpaced value equities, as tracked by the iShares Russell 1000 Value ETF (NYSE:IWD), by 12%.
After being battered by the inflation-rate rise story in 2022, the IWF/IWD ratio, which reflects the relative strength of growth against value stocks, is practically flat from a year ago.
Growth vs. Value: Chart via TradingView.
Watch Thursday's "PreMarket Prep" episode here:
Photo via Shutterstock.
