|Forum - Wall Street Pit
||Stock Due Diligence for All|
|From: mflutie1 (Rep: 23)||Date: 04/08/2020 21:22|
|Forum: Wall Street Pit - Msg #2833362||Thread #674142094 (Rec: 1) |
|Mark Cuban thinks there will be another down leg|
"“Long term, I’m hopeful; short term, I’m uncertain,” he told the business channel.
The disease, which was first identified in Wuhan, China, in December and has infected nearly 1.5 million people worldwide, has forced the shutdown of personal and business activity, including the NBA, in an attempt to curb the spread of the contagion.
Cuban’s comments came as S&P 500 index SPX, +3.40% technically entered a bull market, having now risen 20% from the recent low put in on March 23....said that a positive tone in the market may be a case of “buy the rumor” and “sell on the news” as “reality sets in.” Cuban said that people are natural optimists, and he’s hopeful too, but added that this doesn’t mean he’s buying into this current rally.
He suspects there will be another leg lower at some point, he said.
For his part, Cuban is biding his time in cash and accumulating more when he can.
“I haven’t bought anything in two weeks,” he said. “I was in a lot of cash, and I’m trying to get more cash,” he told the network.
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