Global Markets Tumble - But is it Time for a Short Term Buy?
As the panicky markets around the world have sold off over the last few days / weeks several analysts are looking for a short term bounce in the markets. This can be a great opportunity to make some money on some stocks that have just been sold down because everything is getting sold.
Today will be a telling day as Tolly from Alert Trader using his methods predicted yesterday (22nd Jan 08) as an Intermediate low for the Australian Market. He also believes the mining sector has just about finished its run down for the moment almost testing its support level. Tolly says that “More aggressive traders out there might be very much inclined to put the toe in the water (so to speak), preferably (obviously) with 1 or 2 better quality mining stocks.”
To back this up Paul Nojin from Invest4Profit sent out a message today saying that “bargains have begun to appear” and “I have NOT made a new stock recommendation since the 3rd quarter of last year, but I will be in the next fortnight, or sooner. It will depend on how far it falls. I’m particularly focused on stocks in the commodities sector.”
He then goes on to talk about BHP. “First and foremost I want to have BHP back on my list of buys. I expect I will be notifying clients in the next 24 hours when to buy. BHP is going to fall further yet… but the bottom is within sight.
It will not go below $29″.
So there you have a couple of pros view on the current situation and maybe a stock to follow up on.
Please remember that the above is for educational purposes only and not professional advice. You should seek professional advice before making any trading decisions.
The markets may recover for a while but I still believe longer term that more downside is likely, so pick your stocks well and good luck with your trading / investing.