‘Ominous’ market pattern could signal a 10% sell-off, CFRA’s Sam Stovall warns

(CNBC) A summer slump may strike stocks. After the S&P 500 gained 5.5% in July, CFRA’s Sam Stovall sees it falling 5% to 10% over the next two months. “We have a lot of concerns out there — in particular the overbought condition of the market right now, tech and large-cap dominance, the concerns surrounding soaring gold prices, the falling dollar, historically low interest rates, as well as just traditional optimism,” the firm’s chief investment strategist told CNBC’s “Trading Nation” on Monday.

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