Jordan Kotick, global head of technical analysis for Barclays Capital, told CNBC’s “Closing Bell” that today’s market downturn won’t hurt long-term prospects for stocks.
“What’s interesting to us is what came before the (housing) numbers,” Kotick said Monday. “Since the stock market bottomed earlier this month, the Dow has put on about 600 points, the S&P about 75 and Nasdaq about 100. We’ve come a long way without any correction. The data this morning gave the market a reason to have a correction and it was overdue. But at the end of the day, no damage has been done.”
He said he’s bullish on global equities and suggested investors look at Brazil, Russia, India and China for values.