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The Dow [.DJIA
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] tumbled on Tuesday just one day after surging on the government's bailout of mortgage finance giants Fannie Mae [FNM
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] and Freddie Mac [FRE
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“This is the follow the bouncing Dow phenomenon,” says Zach Karabell on CNBC’s “Fast Money”. But don’t let that scare you off. “This is a market I think you should be trickling into not out of,” he says. "It’s a great time for short term traders, no doubt about it."
With the market making such violent swings, Karabell thinks there are essentially two ways to play; fast or long-term. “You either do it fast and you catch the rotations or you look at the market in terms of fundamentals because in my estimation you’re dealing with a lot of fundamental mis-estimations,” he says
By mis-estimations Karabell means stocks in some sectors have sold-off too much. “You’ve got a huge sell-off in solar, base metals and oil. I don’t know if we’re at the bottom or if we’re 5% to 10% from the bottom but there’s no way the numbers are commensurate with their longer term fundamentals."
The Bottom Line: If you want to play the market short term Karabell thinks the bias is flat or to the downside. Or if you want to play long-term, look for stocks in the energy or metals sectors that have been unfairly punished.
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