“I’m saying we’re at the bottom or very close to the bottom because this type of high reading, high emotion, high panic, high fear, that’s not sustainable. We can’t stay in a state of panic,” said one forecaster.
It’s nearly two weeks since Russia launched an invasion of Ukraine and sparked the biggest European ground war since World War II.
“I’m saying we’re at the bottom or very close to the bottom because this type of high reading, high emotion, high panic, high fear, that’s not sustainable. We can’t stay in a state of panic,” said Lamoureux, in a Tuesday interview with MarketWatch. That final bear leg was due sometime in 2022, but the Russia-Ukraine war “brought it forward faster,” he said. But isn’t it risky to call a bull market with so much uncertainty, one might ask?
So what should investors be buying? Lamoureux spoke last month of opportunity among damaged technology and high growth stocks. “Because we’re very bearish on interest rates, people should look at strong technology stocks that have really been destroyed. That’s the area that I think is going to be rewarding,” he said.
More on Lamoureux: Forecaster who called bitcoin’s ‘skyscraper’ top says this company remains the smartest digital/fintech play But Russian forces continue to pummel the country and the humanitarian crisis grows, as new evacuations were underway. Also the Chernobyl nuclear plant has lost power and is running on generators, raising some concerns.Fitch Ratings cut Russian debt six notches further into junk and warned default was “imminent.” And McDonald’s MCD, -0.69%, Starbucks SBUX, -0.54%, Coca-Cola KO, -3.96%, PepsiCo PEP, -2.82% and General Electric GE, +3.24% are the latest to suspend operations in Russia.
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