Macke: Sell the Rally
Tuesday’s “snap-back rally” is not indicative of a broader bull market, Jeff Macke said on “Closing Bell.”
In an oversold market like this, Macke said, the best thing to do on a short-term trading perspective is to sell into rallies.
For investors who want to use the weakness to build positions, Macke suggested buying best-of-breed and nothing less. Invest in names with intact fundamentals, but don’t expect to go “off to the races” in even the most sound stocks, he said.