This just baffles the hell out of me, not EVEN A FULL WEEK INTO A SELL OFF and they are saying BUY BUY BUY.
This sentence makes me want to cover my shorts tomorrow:
Since 1962, the S&P 500 had a median gain of 7.5 percent in the 60 trading days that followed a one-day drop of 3 percent or more, according to New York-based Citigroup,
Anyway....
Please bring on the 10% + correction just to prove these talking heads wrong.
`We're Buyers'
A group of 15 strategists surveyed by Bloomberg all expect U.S. stocks to advance this year, with an average year-end or 12- month prediction of 1549 for the S&P 500. The index ended last week at 1387.17.
The last time all the firms tracked agreed that U.S. stocks would post a full-year rally was for 2001. The S&P 500 dropped 13 percent that year.
``We're buyers,'' Levkovich, Citigroup's chief U.S. equity strategist, said in an interview from New York. ``Nothing's changed. We'd be taking advantage of this.''
Since 1962, the S&P 500 had a median gain of 7.5 percent in the 60 trading days that followed a one-day drop of 3 percent or more, according to New York-based Citigroup, the biggest U.S. financial-services company. Investors should be ``aggressive buyers'' of retailers, telecommunications companies and semiconductor makers, Levkovich wrote. He expects the S&P 500 to surge 15 percent from last week's close by the end of this year.
