Wells Fargo suggests the economy is 'not as good as it looks'

seekingalpha06-13

Wells Fargo's senior global market strategist, Scott Wren, indicated that the outlook for the market is "not as good as it looks" with underlying labor market weakness chipping away at the economy. “...

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Wren went on to add that consumers at the lower end of the income scale have now used up credit sources and savings to fund spending activity. From a market's perspective, the S&P 500 (SP500) continues to trade near all-time highs, but it may not appear as good as it seems, according to Wren. “Market participants appear convinced that inflation and interest rates will trend lower while economic growth supports what we consider to be overly optimistic earnings expectations, particularly next year.” As a result, Wells Fargo's market strategist went on to say that its focus from here is on quality and trimming exposures back to recommended weightings, as the institution believes areas like Info Tech and Communication Services are overvalued. “We prefer Industrials, Energy, Materials, and Health Care for placement of those funds.” For investors tracking the above-mentioned sectors, see a group of popular ETFs that can be used as a proxy investment.  Info Tech: (NYSEARCA:XLK) and (VGT). 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