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With the market making another huge move, this time to the upside, investors can’t help but wonder, “is this rally for real?”
For insights we turn to Barton Biggs, Managing Partner at Traxis Partners.
"We’ve been through a huge financial panic and we’re still in one. However, the market made a big surge down on October. 14th and almost bounced off the 2002 lows and now we have a big surge out of nowhere," he says. "I think that’s good action. Stocks are cheap and good things are a happening like monetary stimulus and the price of oil is going down."
If you’re sweating over your 401K or other retirement account you’ll like knowing that Biggs thinks we’ve put in a bottom.
“We had a panic on the way down and we will probably have a panic on the way up. I think by the end of the year we could make up a lot of ground that’s been lost.”
And he thinks hedge fund redemption is way over done.
“I think the cycle is the fear that’s obsessed everyone but a lot has (probably) occurred. Hedge funds net long are probably at record lows and they’ve raised massive amounts of cash.”
What's the bottom line? According to Barton Biggs it’s a good time to own stocks and to buy more.
You can find our entire interview with Barton Biggs in the middle of the Word on the Street video.
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Trader disclosure: On Oct.28 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (BTU), (C), (GS), (INTC), (MSFT), (NUE); Macke Owns (WMT), (SDS), (UUP), (MCD); Seymour Owns (AAPL), (F), (MER), (TSO), (RIO); Seygem Asset Management Owns (EEM); Finerman Owns (GS); Finerman's Firm Owns (TSO), (VLO); Finerman's Firm Is Short (BBT), (IYR), (IJR), (MDY), (SPY), (IWM), (USO); GE Is The Parent Company Of CNBC
Terranova Owns (VLO), (NOV); Terranova Is Chief Alternatives Strategist Of Virtus Investment Partners, Ltd.
Virtus Diversifier PHOLIO Owns (IGE), (DBC), (DBV); Terranova Is Co-Portfolio Manager Of The Virtus Diversifier PHOLIO
Virtus Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (CNW), (OFC), (DLM), (DRH), (DLR), (EPR), (EXR), (FL), (SLB), (LNET), (MAC), (DBC), (DBV), (SKT), (UA), (BLV), (VV), (CLB), (GWX), (IGE); Virtus Investment Partners Owns Seagate Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of (FSMXX); Virtus Investment Partners Owns Seagate Technology Tax Refund Rights; Virtus Investment Partners Owns More Than 1% Of Shares Of Incitec Pivot Ltd.; Virtus Investment Partners Owns More Than 1% Of Shares Of Essex Property Trust Inc.
CNBC.com with wires
Data is a real-time snapshot *Data is delayed at least 15 minutes
