Fed's unprecedented support for stocks pushes James Bianco out of bear camp, sees potential for new record highs (via TradingNation)
The game changer? Bianco attributes the recent programs Fed chair Jerome Powell put into place includingHe contends the Fed has effectively created a market environment where individual investors and day traders think they can't lose despite the historic economic downturn and looming coronavirus risks."The Fed is there. Jay Powell said on '60 Minutes' he's got nearly unlimited money to make sure they go higher," said Bianco.
Yet, it's not keeping Bianco on the sidelines. He started buying stocks early this month. His strategy is to capitalize on economically sensitive groups that should do well as the economy returns from the brink. "This is not a risk-free trade," Bianco said. "Any number of things can go wrong here with this story. We could have a second [virus] wave. We could have the recovery or the reopening go worse than expected. We could have the Federal Reserve change its mind."
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