The Market Goes Crazy
The market went crazy again today. Some blame the shenanigans that happened at Citi but I think this is just a panic we’re not going to have a V-shaped recovery. Employment numbers haven’t looked very good lately and even though corporate numbers are solid the market has burned out. You can only hear the same story so long.
What this does do is provide a great buying opportunity for some stocks that have reported good numbers but have taken the brunt of the fall. I’m looking at FSLR with a forward P/E of 15 and has beaten estimates as far back as I can find. SPWRA has a forward P/E of 7.2! Seriously? These dislocations won’t last forever.
I would stay away from retail right now. There’s still too much inventory in retail and until employment improves the sector will struggle.
Disclosure: The Mayor is long FSLR and SPWRA.