Markets are in the "mother of all fallies," Kirby Daley, senior strategist at the Newedge Group, told CNBC Monday, explaining that the term "fallies" was established for short-term rallies based on fallacies.
But investors should be watching the economic data coming out to see whether this rally could be sustained, Daley said, echoing other analysts' opinions that there have been so many pleasant surprises from companies' results because market expectations for earnings were exceedingly pessimistic.
Investors should be careful when investing in this market rally, because it may not run much further, Daley said, but added that he didn't recommend shorting it.
http://www.cnbc.com/id/32167758
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