Wednesday, 20 February 2019

US stocks rise in sign of possible "panic buying"

Markets were mixed on Tuesday.

The S&P 500 rose 0.2 percent and the Nikkei 225 rose 0.1 percent but the STOXX Europe 600 fell 0.2 percent.

Even as the US market continues to rally, Bob Pisani at CNBC noted that some strategists are "sounding cautious". He quoted John Stoltzfus at Oppenheimer as saying that "investors should leave the party hats in the box".

Others, like NYSE floor veteran Peter Tuchman of QMS Directex, thinks there is more of the rally to come. "A lot of people who got out during the market downturn in December are now notably underperforming the markets," Tuchman said.

Indeed, Nomura cross-asset strategist Masanari Takada said that recent gains indicate "panic buying" and suggested "buying on dips from end-February to beginning-March".

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