Strategist: Don't Give In To Rebound Euphoria
So we've survived Meltdown '07 and everything's back the way it was before the market plunged two weeks ago, right? Perhaps not. Wachovia Securities Chief Equity Strategist Doug Sandler counsels caution going forward.
Speaking on "Closing Bell," Sandler said savvy market observers "all knew [the meltdown] was coming" -- but a "lot of folks couldn't turn down" the opportunities they saw. He told CNBC's Maria Bartiromo that "at this point in the cycle," all portfolios, whether fixed-income or equities, "have to be high-quality."
The strategist says that investors ought to ask themselves, "What names scared me two weeks ago, but bounced back?" Those are the very companies, he maintains, that should make investors take their second "chance at the exit door." The market is in for "some hard sledding going forward" before the volatility has totally eased.