- Steven Wells rejoins the Marketplace Roundtable Podcast to discuss his views on markets as reflected in his Fear & Greed Trader service.
- Concerns over the coronavirus are real, but Wells' long term trend lines still call for a bull market.
- Favorite ideas include Abbvie (ABBV), Blackstone (BX), CVS (CVS), Fidelity National Information Services (FIS), Salesforce (CRM).
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Recorded during one of last week's days of heavy selling in global equity markets, Wells conceded the coronavirus is "a real event." In general terms though, the market was due for a pullback and Wells is not overly concerned about the big picture. The long-term bullish trend remains intact.
The key is for investors not to get overly emotional over short term moves -- and moving averages. Only if the S&P 500 were to approach levels around 2940 would there be reasons for concern. (The low in the S&P was around 2954 on Feb. 28).
He's still bullish on technology, health care, consumer discretionary, "and to some degree financials" and provided some favorite ideas for 2020.
- 2:45 - Catch up on the last 6 months and view on today's market.
- 6:30 - Trend line discussion
- 10:45 - What level are you looking for?
- 17:00 - What concerns do you have regarding the Coronavirus?
- 21:45 - Bullish sectors and stock picks
- 29:30 - When would you look to add to your position in CRM?
- 30:45 - Time to take profits from BABA?
This article was written by
Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Nathaniel Baker has no positions in any of the securities mentioned on this podcast. Steve Wells is long all companies mentioned on this podcast (CVS, BX, CRM, BABA, FIS) with one exception: Newmont Mining (NEM). Nothing on this podcast should be taken as investment advice.
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