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To say that cash is king is about as obvious a statement as "Hillary is toast." But just because it's obvious doesn't mean that we accept it.
In fact, denial is the most populous state in the country. How else does Hillary get up in the morning to face another 20-hour day of campaigning, and how else do you explain this week's early rally? Until investors get a better handle on the economy -- recession? inflation? stagflation? -- the best we can hope for is to take two steps back for every step forward.
It's the old hesitation waltz, led by Ben Bernanke. Maybe he should try out for "Dancing With The Stars" next season. But I digress.
Point is, there's no point in jumping into this market until there is more economic and political clarity. Unfortunately, it's going to be at least another couple of months before the clouds begin to clear. In the meantime, fasten your seat belts, because it's going to be a bumpy ride.
While there are a number of retail and financial stocks that I find intriguing at current prices -- to name a few, American Eagle (AEO, news, msgs), Target (TGT, news, msgs), GameStop (GME, news, msgs), Bank of America (BAC, news, msgs), Wells Fargo (WFC, news, msgs), Capital One (COF, news, msgs) -- I'm not willing to pull the trigger just yet.
For now I'll keep the powder dry and wait for a better time to pull the trigger -- maybe after another 500 points to the downside.
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