Top strategist Ed Yardeni says recent emerging market troubles aren’t likely to halt the US bull market, instead seeing the recent stock market declines as a buying opportunity.
“This seems to be one of those panic attacks that the bull market somehow manages to deal with on a regular basis,” Yardeni told CNBC/Yahoo! Finance. “Emerging markets matter a lot if you put them all together collectively… if we have a financial contagion in these countries and they all fall into recessions. But that’s not what’s happening right now.”
Yardeni says a handful of countries are having trouble attracting capital, weakening their currencies. But, he says, “When you look at these particular countries that are in trouble, they don’t really impact the US economy at all.”
Yardeni says the market declines are creating opportunities. “I think this actually a good time to start doing some buying here,” he says. “The past couple of days, we’ve really seen some stocks get crushed pretty hard and these are probably the ones that are going to bounce back the most.”