J.P. Morgan's Kelly: Opportunities ahead make this a time to buy the dips

David Kelly, chief global strategist at J.P. Morgan Asset Management, says inflation has started to roll over, and once the Federal Reserve pivots away from tough talk about fighting inflation he expects the market to move higher. Kelly says that opportunity is coming in "months or quarters rather than years," meaning that opportunity is around the corner and making this a good time to put money to work. Kelly says he is overweight "the bottom 490" of the Standard & Poor's 500, value stocks and international investing, with an emphasis on Europe. Talking technical analysis, Tom McClellan of The McClellan Market Report, says he expects a weak market through the mid-term election and while he notes that 2023 is poised to be a better year -- as it is the third year in a presidential election cycle, historically a good one -- he's short the market now, expecting a "better bottom" in December once the market digests the election results. Also on the show, Greg Daco, chief economist at EY, discusses the latest Policy Survey released Monday by the National Association for Business Economics, noting that economists -- who normally struggle to agree on any opinion -- have reached an unusual consensus that the economy will or has entered a recession, but that the slowdown will be mild and short.