Glick: If I Had To Buy One Stock, It'd Be Alcoa
Kenny Glick was recently a guest on #PreMarket Prep, a daily trading idea radio show hosted by Joel Elconin and Dennis Dick.
HitTheBid.com Founder Kenny Glick told Benzinga's #PreMarket Prep that if he had to buy one stock, it would be Alcoa Inc (NYSE: AA). Glick had earlier stated that, "It's going to be hard for me to take a bullish stance on any stock."
However, while acknowledging that commodities are "some of the worst stocks," he said that, at $8.85, Alcoa has about $3 of upside compared with $1 of downside for long-term investors.
Further, when Alcoa was trading at $15 and $17, he never thought that he would be able to pick it up at $8.85. At that point, the stock looked like it was going to $20.
On the broader market, Glick reiterated, "I think there's going to be more selling and I'm not looking to buy anything."
He said that as long as the ProShares Trust Ultra VIX Short Term Futures ETF (NYSE: UVXY) is trending up, he wouldn't look to play the market from the long side. For Glick, the first warning signs were back in October, when a spike in Alibaba Group Holding Ltd (NYSE: BABA) represented "all that was wrong" on Wall Street. Since then, he said that he has been "on the sidelines."
Glick also said that the market had been in a "stealth correction" for months, only being held together by Netflix, Inc. (NASDAQ: NFLX), Google Inc (NASDAQ: GOOG), and Amazon.com, Inc. (NASDAQ: AMZN).
Last week, that support unwound.
Listen to the full interview below.
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