Yet Another CNBC Bottom Call
Matt Nesto thinks the bottom may be in once again. His reasoning? The consumer staples were a lagging sector today. (He made comments to that effect on CNBC around 4:10pm) Seems like flimsy reasoning to me. The last time he called the bottom it was because the month began with an “O”. That call was on October 31st when the S&P 500 closed at 969. The S&P then rolled over and plunged more than 200 points over the next three weeks.
Note to Nesto: don’t make bottom calls at the end of the month. There is this thing called “month end window dressing.” Look into it.
