Nothing Fazes Barton Biggs, Next Move in US Market is Up 15-20% Led By Technology, Sees Lower Euro

Nothing fazes Notorious B.I.Ggs (Barton Biggs of Traxis Partners) when it comes to US stocks. He was on Bloomberg last Monday thinking 2010 S&P EPS would hit $88-90. That translates to $1424 with an average 16 multiple. That's also 23% above today's close ($1159). $PG broke through the March low 3 days later (lol) and that didn't even faze him (see chart).  On Bloomberg Biggs said the next move in the market is 15-20% higher led by technology stocks.

He is also short the Euro.  Biggs has been riding this bull run for a while now.  I added a chart of the S&P 500 and the upside trend looks broken but it still has a chance to stay above 1,150 support. It's also above the 40 week moving average.  If SPX breaks above the previous high (1219) 1257-1440 looks like the next channel to test from early 2008. SPX futures are down 0.86% right now.  G'luck.

$SPX (S&P 500) - StockCharts.com



In other news, Europe got a trillion dollar bailout, Fannie Mae needs $8.4 billion and John Paulson sees a 20% increase in California home prices over 2009.

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