Although stocks may be priced low, it is not the time to invest, he says.
“These are times when we listen to the market. If something’s cheap —there’s probably a reason why it’s cheap.”
Grasso agrees with Yastrow’s advice.
“We’re at a true inflection point in the marketplace. All of those safety bets have all run up tremendously. But they’re all around their fifty-day moving average,” Grasso said. “So it really gives you a spot to look at—if you want to hedge with those, or do you want to vacate the market?”
Grasso said to look at the overall S&P . First you have to see if the current level holds, if that does, then buy what’s working, he said.
For now, with the current status of the market it is an important time to understand the market instead of looking for deals, Grasso added.
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Disclosure information was not available for Steve Grasso, Peter Yastrow or thier companies.