Tags: Barton | Biggs | US | Stocks | Pop

Barton Biggs: Dow to Soar So High It Will Make Us Squirm

Thursday, 27 May 2010 11:35 AM

Contrarian investor Barton Biggs, whose flagship fund returned three times the industry average last year, says the U.S. stock market is very, very oversold and is poised to take off.

“I think we’re going to have a big pop to the upside in the next couple of days,” Biggs says.

“I wouldn’t be surprised to see us go to a new recovery high, just to make everybody squirm,” he says.

“I think [stocks are] going to stabilize in this general area, and then we’re going to have a significant move to the upside,” he told Bloomberg.

“The European concerns are serious, and I take them seriously,” Biggs said. He just doesn’t “think that the worst is going to happen.”

Eric Sprott, who manages the Sprott Canadian Equity Fund, Canada’s best-performing mutual fund, disagrees, Bloomberg reports.

Sprott says the S&P 500’s month-long slump is the beginning of a collapse that will drive the measure below its weakest level of 2009 in the next year.

The $1 trillion European rescue package announced May 10 has failed to stop the global equity slump, indicating investors are skeptical that efforts to address the debt crisis will work, says Sprott.

He’s betting against stocks and buying gold. Investors have bought the metal recently on concern Europe’s debt crisis will slow growth and weigh on the region’s currency.

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Contrarian investor Barton Biggs, whose flagship fund returned three times the industry average last year, says the U.S. stock market is very, very oversold and is poised to take off. I think we re going to have a big pop to the upside in the next couple of days, Biggs...
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2010-35-27
Thursday, 27 May 2010 11:35 AM
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