Josh Brown Missed On Diamond Offshore

CNBC Fast Money's Josh Brown recommended a long position in Diamond Offshore Drilling DO on June 12 and since than the stock dropped 16 percent. He still thinks that this stock is a good investment and he believes that it is one of the cheapest stocks in the S&P 500. Brown explained that Diamong Offshore is one of the stocks that analysts hate the most. When a trader tries to buy a stock in a downturn, it is pretty unlikely that he will be able to catch a bottom and his goal should be to build a position gradually and to wait for a change in the sentiment. Josh Brown thinks that Diamong Offshore looks interesting to institutional investors at these levels and he believes that the news can't get any worse. Diamong Offshore fell 1.03 percent on Monday and it closed at $39.42.