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[Hale Club]

U.S. stock markets are oversold and may rally strongly over the next few days, said investor Barton Biggs, who runs New York-based hedge fund Traxis Partners LP.
“I think they’re going to stabilize in this general area, and then we’re going to have a significant move to the upside,” Biggs, whose flagship fund returned three times the industry average last year, said in a Bloomberg Television interview.
Biggs recommended buying U.S. stocks last year when benchmark indexes sank to the lowest levels since the 1990s. The Standard & Poor’s 500 Index rallied 23 percent in 2009 as government worldwide mounted stimulus programs to counter a recession. On March 22 this year, Biggs told Bloomberg TV that U.S. stocks had the potential to rally a further 10 percent. The S&P 500 has since shed 8.4 percent.
The S&P 500 is down 10 percent in May, poised for its worst month since February 2009, as credit-ratings downgrades of Greece, Portugal and Spain add to concern some European nations will struggle to fund deficits.
“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,” said Biggs. “I wouldn’t be surprised to see us go to a new recovery high, just to make everybody squirm.”
The S&P 500 lost 0.6 percent yesterday on concern the credit crisis will worsen. The China Investment Corp. decided to maintain its investments in Europe after having debated lowering its allocation to the region, Reuters cited Gao Xiqing, president of the sovereign wealth fund, as saying.
“The European concerns are serious, and I take them seriously,” Biggs said today. “I just don’t think that the worst is going to happen.”