Barton Biggs Can’t Get Bearish Here
Long-time market guru Barton Biggs attributed the drop on Thursday to a “flash crash panic.” Biggs doesn’t see economic collapse on the horizon and feels the selling is unjustified.
Biggs also blamed the decline on tight stop loss orders and high frequency trading. He sees the possibility of a 5-7 percent rally in the short term. He said long term investors should be buying now.
SMA Comment: The futures market doesn’t seem to agree with Dow futures down 238 points at this hour (7 p.m. EST).
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