Barton Biggs of Traxis Partners LLC Predicts 1,000 Point Uptick in the Dow
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These are certainly interesting times on Wall Street right now.
On Friday, Bear Stearns nearly collapsed after a liquidity crisis. To say that Wall Street, and the rest of America, is jittery would be an extreme understatement.
There seem to be two camps right now - those who think that this is the beginning of a dark descent into a major financial crisis (possible Depression?) and those who think that we are near the bottom. There is really no middle ground right now.
Count Barton Biggs of Traxis Partners LLC as one who thinks that we are near a bottom. Biggs, who manages the $1.5 billion dollar Traxis Partners LLC hedge fund, believes that the sell-off in the Dow is overdone and that we are due for a 1,000 point rally.
You could make an argument for a 1,000 point rally or sell-off this week. If the Fed steps in and cuts by another 100 basis points, then we could get a massive rally. On the other hand, what if people continue to think that these Fed moves won't make much of a difference? If the Fed fails to inspire any confidence, then any short-term gains from an aggressive Fed move could be short-lived, and the market could easily continue to heavily sell off. Will there be more hedge fund and bank failures? Will there be another high-profile near-collapse? Who will be bailed out this week?
I can easily see this going either way, which is why the market is so interesting to watch right now. To say that there are problems on Wall Street is an understatement - however, things are always darkest at the bottom. Are we there yet, or do we have further to descend?
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