Although some investors are looking for a spike in the VIX to seal the bottom, Jordan tells us, “it’s very hard for me to look at the markets where they are and look at valuation on a normalized basis and think we have a lot more risk.”
If that’s the case, are some stocks trading at fire sale prices? For insights we turned to strategic investor, Dennis Gartman, author of the Gartman Letter.
“It’s time to become bullish,” says Gartman. “Buying stocks these days is almost like shopping at a five and dime." In other words, they're real bargains out there. "This week I started buying stocks." Before the show Gartman provided our producers with a list of the stocks he recommends.
Here’s Gartman's stock picks
- Dow Chemical
- Chesapeake Energy
- Family Dollar
- Suncor Energy
Why these companies? “Because they're the maker of real things," says Gartman. "Things that if you dropped on your foot they would hurt. It’s time to stand up and say I want to own wonderful companies that have been around for years and pay dividends,” he says. "And most of these stocks have stopped making new lows."
If you'd like a second opinion, we've got one.
Jon Najarian feels much the same way and has his eye on some, but not all, of the same stocks. Specifically he likes Smithfield Foods Imperial Sugar and Alcoa.
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Trader disclosure: On Mar. 6th, 2009, 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); Najarian Owns (GDX); Najarian Owns (DNA) Calls; Najarian Owns (FCX) Spread; Najarian Owns (GLD) Put Spread; Najarian Owns (MS) & (MS) Calls; Najarian Owns (MSFT) & (MSFT) Calls; Najarian Owns (PNC) Put Spread; Najarian Owns (X) Call Spread; Najarian Owns (V) & (V) Calls; Najarian Owns (WFC) & (WFC) Calls; Finerman Owns (WFC) Preferred; Finerman's Firm Owns (WFC) Preferred; Finerman's Firm Owns (DNA) & (DNA) Calls; Finerman's Firm Owns (BAC) Preferred; Finerman's Firm Owns (MSFT), (PBR), (RIG), (TGT); Finerman's Firm Is Short (VNO), (BAC), (BBT), (IYR), (IJR), (IWM), (MDY), (SPY), (USO); J. Najarian Owns (AA), (FDO), (M); J. Najarian Owns (MS) & (MS) Puts; J. Najarian Owns (BAC) Preferred; J. Najarian Owns (FAS)
Gartman Owns (DOW), (AA), (CHK), (FDO), (BG), (SU)
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