Barton Biggs Considers Stocks To Be Highly Oversold And Predicts An Upside

According to an article on Business Insider, Barton Biggs, former chief global strategist at Morgan Stanley, is optimistic about the future of the stock market.

He says, “I think [stocks are] going to stabilize in this general area, and then we’re going to have a significant move to the upside.” Biggs runs a multi-billion dollar hedge fund based in New York City. The fund delivered three times the industry average returns last year.

He further adds, “The market is very, very oversold, and I think we’re going to have a big pop to the upside some time in the next couple of days. I wouldn’t be surprised to see us go to a new recovery high, just to make everybody squirm.”...

“The European concerns are serious, and I take them seriously. I just don’t think that the worst is going to happen.”

Contrary to the views of Barton Biggs, the manager of the Sprott Canadian Equity Fund, Eric Sprott, believes that the latest market plunge is the advent of a new crash that will take the markets below the March 2009 levels.

Read more from Benzinga's Markets.