One of Wall Street’s biggest bulls says the market is “at the point of maximum uncertainty” that could morph into one of the best buying opportunities of the year.
“The economy is not slowing the way people fear. That’s where the upside comes in,” BTIG’s Julian Emanuel said Monday on CNBC’s “Trading Nation.” “We do think any weakness is a buying opportunity.”
Emanuel, the firm’s chief equity and derivatives strategist, turns to the so-called bull-bear dividing line — the 200-day moving average — to build his case.
Following late December’s huge sell-off and subsequent rebound, he points out the market has come a long way in seven weeks.
According to Emanuel, the S&P 500 and Dow are right back at the 200-day moving average, and that spells uncertainty.
“Both the bulls and the bears are sort of hesitant, and perhaps a little bit confused as to where markets go,” he said.