Skip navigation
MOST POPULAR RELATED TAGS
  • TOPICS
  • SECTORS
  • COMPANIES

RSS FEED

» Help

Current DateTime: 06:12:19 25 Nov 2009
LinksList Documentid: 30584899
powered by digg

Market Insider

Text Size
Jul.08
10:52 AM ET
Tuesday, 8 Jul 2008
Market Strategist Wien: Stocks Are Bottoming

Market strategist Byron Wien says the stock market is in the process of bottoming, and it will perform more strongly by year end.

"I don't know what's going to happen over the next month," said Wien during an appearance on "Squawk Box." "You are in a period now where the market is overshooting on the downside. I do think we're in a bottoming area, at least in terms of a potential rally."

"I think the market will do better later on in the summer. We may go back to test, but I think by the end of the year, the market will be performing more strongly than it is now," he said.

Wien, Pequot Capital chief investment officer, said the markets are rife with negativism: "The investment environment is filled with despair. That's where we are right now, and that's usually where we are at the bottom."

Wien told me in a quick interview later that he came to his current view when the S&P 500 fell through 1300. "I had been pretty bearish," he said. His S&P 500 target had been 1280 at the time.

He said the market leadership usually changes in a bear market, but he sees the current leaders continuing - energy, materials and industrials. And he said outside of the financial sector, the economy is not in terrible shape.

Wien is not the only strategist looking for a bottom right now. I spoke to BlackRock's Bob Doll the other day and he says it's time for investors to brave the market and look for opportunities. He too said the negative sentiment was signaling a bottom.

Many traders we speak to though are still waiting for signs of capitulation in a big volume sell off before they are ready to call a turn.

Questions?  Comments? 

© 2009 CNBC, Inc. All Rights Reserved

Tools:
PrintEmailAdd This share icon
Next Post
  • digg share

CNBC HIGHLIGHTS

  • Remember when auto shows were major events where new models could generate buzz?
  • Swine Flu Needle
  • CNBC’s Mike Huckman visits a cutting-edge plant to see how the flu vaccine of the future is being made.
  • People who bottle up their anger at work are up to five times more likely to suffer a heart attack, a study found.
  • Playboy Logo
  • Playboy will outsource its publishing operations in a bid to become profitable again.
  • A new McDonald's in Manhattan is the nation's first to sport a sleek, chic interior imported from stores in London and Paris.
  • For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
ADD COMMENTS
Remaining characters


Current DateTime: 05:21:41 25 Nov 2009
LinksList Documentid: 29778428

Current DateTime: 01:04:04 25 Nov 2009
LinksList Documentid: 29779196

Current DateTime: 02:05:47 25 Nov 2009
LinksList Documentid: 29779199

Current DateTime: 01:01:48 25 Nov 2009
LinksList Documentid: 29779198
  Data is a real-time snapshot  *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
A Division of NBC Universal
Thomson ReutersThomson Reuters