Biggs: Stocks a "strong buy"
Barton Biggs tells Bloomberg:
At “these levels it is rapidly becoming a very strong buy,” Biggs said on Bloomberg Television’s “InsideTrack” with Erik Schatzker and Deirdre Bolton. “I do feel right now this is not the time to put out any shorts and I am very tempted to think this is a time to be buying stocks pretty aggressively.”
Of course, Biggs was bullish in 2008, too.
UPDATE: 4:20 pm. Hmm. Mr. Biggs has changed his mind. Here is the Bloomberg TV interview.
"By definition, I was wrong yesterday in the thinking we were in the process of making a bottom, and in actuality we had a little rally. Usually, you do not have a cliff-bottom. You mill around a little bit and retest the lows and so on. I thought we were going to do that. It sort of look like we were at the close yesterday. This is a new ball game. It has clearly broken through the lows. We are into a panic sell-off. It is very scary. It is very scary because of the secondary consequences that it is going to have on consumer confidence and on business confidence. So, it is bad stuff. Is the market oversold? Yeah, I am 100% convinced that it is. That does not mean it cannot get more oversold."
