Buying stocks here is like crossing Fifth Avenue when the light is red,” Birinyi says. “You might make it, but the odds are not with you.”
“It’s time for a pullback,” Birinyi tells Bloomberg TV. “By almost every measure of an overbought market, it has done a remarkable job of trading through those measures.”
As a result, he says, “We’re looking for some consolidation. It can be a consolidation of time where the market just treads water for some time.”
“I would guess — and it’s only a guess — there will probably be a 5 to 10 percent pullback,” he says. “But again it could be a pullback in time, where we do nothing for a while and digest these gains.”
Lazlo Birinyi added, “I think the market has made a bottom. But in the markets of today where you have so much volatility, you have to be more sensitive to timing.”
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