One month ago I was sitting in a Las Vegas hotel listening to Matt Gohd of Revere Securities predict a 10 percent decline in the market.
This was a pretty contrarian call at the time. And it was dead on. A month later and here we are, down 10 percent.
So what's Gohd thinking now?
"We've gone from the 'What Me Worry' market to the 'What do I do now?' market," Gohd told me Friday.
He explained the complacency that ruled the market a month ago has been crushed. David Tepper's comments today highlighted a now-pervasive negativity about stocks.
So, like a good contrarian, Revere is thinking about buying stocks.
"We're down 10 percent. Could we go down another 10 percent? Sure. Why not. But a lot of the risk has been taken out of the market. Now it's time to start looking for longs," Gohd said.
Even those infamous Chinese Internet stocks might be attractive after they've been so hammered down, according to Gohd.
Another surprising pick? Linkedin.
"At some level, maybe 15 percent lower, LinkedIn becomes a buy," Gohd said.
Disclaimer: I don't give investment advice and I do not invest in any individual stocks. But I love talking to traders about markets. Gohd is a trader and probably has positions or may put on positions in every stock he mentions.
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