www.bloomberg.com/apps/news?pid=20601109&sid=aVeikRh0nLsc&refer=exclusive lets see if they say the same thing next week if we end up in the red again this week :eek:
This just baffles the hell out of me, not EVEN A FULL WEEK INTO A SELL OFF and they are saying BUY BUY BUY. This sentence makes me want to cover my shorts tomorrow: Since 1962, the S&P 500 had a median gain of 7.5 percent in the 60 trading days that followed a one-day drop of 3 percent or more, according to New York-based Citigroup, Anyway.... Please bring on the 10% + correction just to prove these talking heads wrong. `We're Buyers' A group of 15 strategists surveyed by Bloomberg all expect U.S. stocks to advance this year, with an average year-end or 12- month prediction of 1549 for the S&P 500. The index ended last week at 1387.17. The last time all the firms tracked agreed that U.S. stocks would post a full-year rally was for 2001. The S&P 500 dropped 13 percent that year. ``We're buyers,'' Levkovich, Citigroup's chief U.S. equity strategist, said in an interview from New York. ``Nothing's changed. We'd be taking advantage of this.'' Since 1962, the S&P 500 had a median gain of 7.5 percent in the 60 trading days that followed a one-day drop of 3 percent or more, according to New York-based Citigroup, the biggest U.S. financial-services company. Investors should be ``aggressive buyers'' of retailers, telecommunications companies and semiconductor makers, Levkovich wrote. He expects the S&P 500 to surge 15 percent from last week's close by the end of this year.
I also have the hairs on the back of my neck standing up. Too much PR from organized C.R.I.M.E. "Commercial and Retail Investment Market Experts" I doubt at this point we're looking at a V-bottom therefore I'll wait for a solid double bottom.