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Indicators are lining up this morning for the market to bottom. The Dow will hit its 200-moving day average and virtually every other oscillating tool is suggesting the market is tremendously oversold.The S&P 500 and Russell 2000 have all also corrected to their long-term moving-average support levels. As with most major corrections, the averages have broken through or will break through them this morning, providing that additional fear investors feel when the market finally capitulates.
Noteworthy pundit Byron Wien, of Pequot Capital and long-time Morgan Stanley strategist, said in a CNBC interview earlier this week that his target for the S&P 500 is 1,600. Tom McManus, who has also developed a good long-term track record, upped his target for the S&P 500 not too long ago.
All told, fear has replaced greed. It is time to line up your wish list and start buying. Stocks Theflyonthewall.com has recently blogged about that investors may want to look at include National Semiconductor Corporation (NYSE: NSM), General Motors Corporation (NYSE: GM), Global Crossing Limited (NASDAQ: GLBC), Level 3 Communications Inc (NASDAQ: LVLT), AES Corporation (NYSE: AES), UAL Corporation (NASDAQ: UAUA) and Home Depot Inc (NYSE: HD).
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Reader Comments (Page 1 of 1)
8-16-2007 @ 11:18AM
Pat Kenmir said...
Here we go AGAIN !
8-16-2007 @ 11:39AM
Pat Kenmir said...
If you see a comment to buy stocks because we are told we are at the low in the stock market, the person advising you to buy, has stocks that are tanking and is trying to get you to invest your money in his stocks, so he doesn't go bankrupt. He/she doesn't care if you lose YOUR money. LOOK OUT ! I think you are looking at a 20 to 25% correction in the Market. If the FED continues to add funds to the banks that are in trouble, then you can bet we are really in trouble ! I was lucky, I bought a home in California in 2004 and it was an ajustable Mortgage. I saw the writing on the wall in 2006 and sold. I was lucky, I got out in time and made a few bucks. If I had waited, I would be looking at losing my home today and losing everything. By the way, I rent now and I can sleep at night. My payments are 1/3 of owning a house and NO outragous property taxes. Lucky me.
8-16-2007 @ 11:48AM
melly said...
Pat, please keep in mind that BloggingStocks bloggers are required to disclose positions in companies they write about.