The tone is changing..<<Sargen was dismissive of the bear marker.
"If this isn't a bear market, I don't know what is," Sargen said. "People are in denial if they believe we haven't been in this bear market for some time."
Even so, Sargen advises that now may be a great time to pick up some excellent companies at relatively attractive prices.
"Whatever the Fed does will take time, but if you are a long-term investor, get in and stop trying to time the market," he said. "To bet against the Fed is to bet against history.">>
<<"There's been a severe sell-off and now people are coming in and thinking that it's been overdone," said Michael Mahoney, who manages two global equity funds at Toronto-based Synergy Mutual Funds. "People wanted more from the Federal Reserve, but I don't know what more they can give. The Fed's cutting rates and cutting aggressively."
American Express (AXP: news, msgs, alerts) rose 5 percent to $36.50, CitiGroup (C: news, msgs, alerts) jumped 4.2 percent to $42.30 and J.P. Morgan (JPM: news, msgs, alerts) rose 5 percent to $40.99. The S&P Bank Index rose 4.7 percent and the Amex Securities Broker/Dealer Index advanced 3 percent.
"There are a lot of great companies out there and we continue to hold them, and whatever cash we have we are putting to work in the market," Mahoney said.
Mahoney argued that as interest rates fall in North America and abroad, economies will begin to pick up and profits with them. >> |
