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WFII HAS ITS VIEW ON WHETHER THE BOTTOM IS IN

"Have we seen the bottom in stocks?"

That's a question that Scott Wren, senior global market strategist at the Wells Fargo Investment Institute (WFII), says he keeps getting.

"As much as we would like to boldly answer that question with a resounding 'yes!' that just isn't the case," writes Wren in his weekly perspective.

Wren adds that "tariff and growth concerns are the main market drivers right now, but there will likely be a few other issues that result in road bumps in the months ahead. We wouldn't be surprised if the SPX retested its lows as additional uncertainties create headwinds."

For example, Wren cites what may be a coming battle over budget legislation.

In any event, in the near-term, Wren thinks the S&P 500 index .SPX, (last around 5,500), may spend a lot of time in a relatively wide range from 5,000 to 5,500.

Against high levels of policy uncertainty, Wren favors focusing on two goals. First, he would use the recent rebound to reallocate to WFII's highest rated asset classes, including U.S. large- and mid- cap stocks, and quality sectors that emphasize stable balance sheets and solid cash flow, such as tech, communication services, financials and energy.

He also advocates being selective when it comes to fixed income. He prefers intermediate maturities (three to seven years) in investment grade corporate and municipal bonds.

Wren's bottom line is that "quality allocations should help preserve wealth and offer better growth opportunities as uncertainties finally fade."

(Terence Gabriel)

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