Stocks have taken a wild ride over the past month and have dipped to levels that make them right for bottom fishers, says Mike Lenhoff, chief strategist, Brewin Dolphin.
Concerns the U.S. was going to miss its Aug. 2 deadline to lift its $14.3 trillion debt ceiling and default coupled with a Standard and Poor's downgrade have pummeled stocks.
Maybe too much.
"There's still a bit of value out there," Mike Lenhoff, chief strategist, Brewin Dolphin, tells CNBC.
"You have to say to yourself, what are the alternatives?"
Cash is not one of them.
"The Fed is going to keep interest rates where they are for much longer than anybody thought. Bond yields are offering very, very little, below 3 percent," Lenhoff says.
Many companies are being cautious in their estimates to increase their chances of surprising investors with better-than-expected results, says Simon Maughan, co-head of European equities, MF Global
"Investors are moving ahead of analysts in anticipating reduced profit margins," he tells CNBC.
Others agree that stocks are ripe for buying, with some saying they are way oversold.
"The bull market is intact," says Laszlo Birinyi, of the Westport, Connecticut-based research firm Birinyi Associates, Bloomberg reports.
Fundamentals don't support the extent of the recent selloff.
"The decline is, we submit, in large part political, not financial, which makes us somewhat more optimistic," Birinyi writes in a research note.
"It is impossible to segregate the political from the financial but we would hope that at some point, financial trumps political, which has historically been the case."
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