This Trader Bought These 4 Stocks During Monday's Sell-Off

This post was originally published on this site

The overall markets took a dive on Monday amid increasing concerns surrounding the COVID-19 Delta variant.

Cerity Partners’ Jim Lebenthal said Tuesday on CNBC’s “Fast Money Halftime Report” that he used the weakness in the markets to add to some of his positions. 

Lebenthal told CNBC that he bought more General Motors Co (NYSE:GM), Citigroup Inc (NYSE:C), Marathon Petroleum Corp (NYSE:MPC) and Cleveland-Cliffs Inc (NYSE:CLF). 

Lebenthal doesn’t believe there is a growth slowdown coming, he said. There have been many growth scares over the years that turned out to be nothing, he said, adding he thinks it’s likely the Delta variant scare ends up falling into that same category. 

“When the market melts down because of a presumed growth scare, far more often than not that is a time to buy,” he said.

Ninety-one percent of the stocks in the S&P 500 Index have already gone through a correction in 2021, he said. 

Lebenthal expects companies to continue to report better-than-expected earnings.

“We are still very early in an economic expansion.”

See Also: Understanding General Motors’s Unusual Options Activity

Price Action: At last check Tuesday, General Motors was up 3.65% at $56.12, Citigroup was up 2% to $66.37, Marathon Petroleum was up 2% at $51.90 and Cleveland-Cliffs was up 2.7% at $19.79.

Photo: courtesy of General Motors.

© 2021 Benzinga does not provide investment advice. All rights reserved.

Related Posts