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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).
For a quick-read on the U.S. economy, check the price of gasoline
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