Market strategists split on 'buying opportunity' after post-Thanksgiving selloff

[mahatmakanejeeves]

This just in: analysts see fear and greed at play in stock prices.

Yahoo Finance

Market strategists split on 'buying opportunity' after post-Thanksgiving selloff

Ines Ferré · Markets Reporter
Fri, November 26, 2021, 2:12 PM

The Dow Jones Industrial Average's (^DJI) worst daily plunge of the year sparked a split among market strategists on wether Friday was a good buying opportunity. ... The index closed down more than 900 points, while the broader S&P 500 (^GSPC) average declined 2.27%. ... Energy, financials and industrial stocks led the markets lower amid concerns of a new COVID variant first detected in southern Africa.

"To the extent this is not as big as Delta was ultimately, then I think maybe it's a little bit of a buying opportunity," Simeon Hyman, ProShares Global Investment Strategist told Yahoo Finance Live on Friday. "All the economic data of the last month or so was really, really strong—I mean, an all-time high ISM Services... Manufacturing was also high. And retail sales was up 1.7%."

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Other strategists are sounding off warning signs of trouble ahead.

"I don’t see it as a buying opportunity. I see this as the first leg of a multistep downward move in the S&P ", Ed Budowsky, a Chapwood Investments managing partner, told Yahoo Finance Live (video above). "This new variant is an excuse to sell off the market, because the market is so overpriced."

Chapwood added that the market "has been 31% overvalued for a number of months. It's definitely going to be a downward move going into 2022. ... You just can not support and justify for a long period of time, this kind of valuation." said the strategist.

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[Beachnutt]

1. Which one is right ?

or are they both wrong ?
If you ask 10 strategist you get 10 different answers, they try to pump the market in their favor.
Market goes up the market goes down and has for over 100 years.

[Auggie]

2. My guess is short-term market manipulation

Yes, the market is over-valued. Yes, a correction is imminent. But we've seen swings like this over the past several years too. The big players are milking it for everything possible.