Everything is bleak on Wall Street.
“You have a market that is looking for any kind of negative impulse,” Keith Bliss, a trader on the floor of the New York Stock Exchange, told CNN’s Paula Newton on Thursday’s “Markets Now” live show. “There’s a bit of a buyers’ strike here. Nobody wants to come in to buy.”
The Nasdaq is flirting with a bear market. Oil is down 5% and already deep into bear territory. The Russell 2000 and Dow transport indexes are in a bear, as is the Shanghai composite index. The Dow and S&P 500 are getting close.
As practically every other investor runs for the hills, that leaves opportunities for smart investors. The S&P 500 is trading at just 14.5 times next year’s expected earnings, well below its historical average of 16 times earnings. That means stocks are undervalued.
“Yes, things are slowing down … but we aren’t falling off a cliff,” said Lindse