Stock analyst Richard Lie gives the thumbs down to resource sector
“I wouldn’t touch the resources market,” says Richard Lie, Founder of Stockradar.
“Two words associated with China and resources right now is “uncertainty” and “danger”.”
Having predicted the current market downturn, Richard Lie warns people to do their research.
“The market has been going down for ages, and if people haven’t been reading the signals that have been in the market since October, then you haven’t been realistic about what the market is going to do.”
“The breadth of the market has been in decline since October, and has been held up by a few high market cap stocks like BHP, RIO and a couple of the banks.”
“I anticipate for this to fall further, until investors get confidence in value and price levels of stock and for the moment, that is certainly absent.”
Stockradar has accurately preceded the market since 2007. Richard Lie sold off a majority of stocks before the market went down.
“I will be buying up stocks when the market confidence returns.”
People with uncertainty sell and with confidence buy.
“It has been purely a reaction to the fall.”
Richard Lie confirms that the safest investments are buying Bank stocks because even if the price does contract, they will offer one of the best yields in the market.
For more information on Stockradar or to interview Richard Lie, contact 0419 563 593. Check out www.stockradar.com.au
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