An indicator with a 94% accuracy rate says stocks will finish 2023 positive, according to $1 trillion LPL. Here's their top pick for where to put your money right now — and 5 other areas of the market they like.
The indicator also shows the S&P 500 could return well above 10% this year.A stock-market signal with a 94% accuracy rate just delivered good news: there's a high chance stocks finish positive in 2023.Chief Technical Strategist Adam Turnquist, the so-called"December Low Indicator" has shown the S&P 500 has a good shot at closing out the year positive after a 20% drop in 2022.
LPL's top strategists and economists agree with the indicator's assessment. LPL's Chief Equity Strategist Jeffrey Buchbinder, Fixed Income Strategist Lawrence Gillum, and Chief Economist Jeffrey Roach said in an April 3 note to clients that the S&P 500 could deliver returns of over 10% this year. They continued:"Higher interest rates are challenging stock valuations and perhaps pushing the gains further out in 2023, but we still see solid potential for double-digit — if not mid-teens — returns for stocks this year. The S&P 500 returned more than 7% in the first quarter, so it's well on its way to a double-digit year."
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