US stocks fell sharply on Tuesday as the dollar rallied against the euro amid worries about the European debt crisis. So how should investors prepare their portfolios? Dan Fitzpatrick, president of Stock Market Mentor, shared his insights.
“The market’s overacting and the underlying fundamental data points are looking more positive,” Fitzpatrick told CNBC.
Fitzpatrick said he is “surprised” that the markets hadn't already seen a correction.
“The headlines today could have been the headlines yesterday and last week,” he said. “The market’s been a little slow to react and that gives me the sense that there’s still an underlying bid to this market.”
Investors should look to step in and buy this market dip, advised Fitzpatrick.
Opposing Views:
Watch Fitzpatrick's Previous Appearance on CNBC (May 3, 2010)
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More Market Intelligence:
- Stocks Still Good—But Get Out of Cyclical Ones: Strategist
- Bob Doll: Stocks' Path of Least Resistance Is Up
- Traders Say Greek Bailout Is Useless
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CNBC Data Pages:
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CNBC Slideshows:
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Tuesday's Dow Laggards (as of this writing):
Caterpillar
Alcoa
Hewlett-Packard
Chevron
United Technologies
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Disclosures:
No immediate information was available for Fitzpatrick or his firm.
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