'We Are In A Strong Point Of The Year': CarsonGroup's Ryan Detrick Makes Case For Strong Close To 2022 For Stocks

It's too early to tell if the Oct. 12 low was the bottom for the SPDR S&P 500 ETF Trust SPY, according to Ryan Detrick, chief market strategist at CarsonGroup, but he's seeing some bullish signs in recent weeks.

Detrick joined Benzinga's PreMarket Prep on Wednesday morning. Detrick discussed the stock market's big October rally, seasonal stock market trends in the closing months of a calendar year and how the outcome of the midterm elections could impact stocks.

"Just the fact that small caps have done so much better and industrials and health care … Everyone complained about the five stocks that were leading the market for the longest time. Now those five stocks aren't doing well," Detrick said.

He mentioned Tesla Inc TSLA as a particularly poor performer as of late, even as the broader market has bounced.

Detrick also highlighted the presidential election cycle and said the first three quarters of a midterm election year have historically been weak quarters for the S&P 500.

"Big bullish moves like we saw in October, they don't usually happen at the end of a bull market or in the middle of a bear market. They tend to happen at the beginning of a new bullish move," Detrick said.

While the election results are still up in the air on Wednesday morning, it seems Republicans will likely regain a majority in the House of Representatives, which Detrick said has historically been good for the stock market.

"Don't invest in politics, invest in the fundamentals and the technicals and the sentiment, but whatever scenario happens here historically isn't a major worry," he said.

In addition, Detrick said November has been the best month of the year for the S&P 500 since 1950.

"Seasonally, we are in a strong point of the year," he said.

Photo via Shutterstock.

Market News and Data brought to you by Benzinga APIs

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Zinger Key Points