Art Hogan Sees Buying Opportunity in Stockmarkets
Earlier in the day Art Hogan of Jefferies said on CNBC that today would represent a buying opportunity in stockmarkets as he sees this reaction to the non-farm payrolls as overdone.
He has just been back on CNBC and has slightly modified that stance saying that sometime next week will represent a buying opportunity. What he said :
- First uptick in unemployment rate in 2 years
- No inflationary pressure in wage numbers
- Calmer reaction should ensue some time next week
- FED may do 50 point interest rate cut at end of month
- Similar move in discount rate
- Show they are tring to create soft landing
- Jobs have been created in service sector -
- 6 - 9 months after FED cutting rates economy should start to improve Q3 2008 should show turnaround
Other people on CNBC have been saying the same thing, seeing next week or two as the time to be buying shares, but maybe not today.
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