Birinyi Still Bullish on Market, is Staying Away from Apple (AAPL), Bought Goldman (GS), Citi (C)

Speaking on Bloomberg TV Friday afternoon, noted investor Laszlo Birinyi had a few comments about his moves and the overall action in the markets.

Birinyi said the recent four percent drop in the S&P 500 was a "normal correction reacting to some unexpected news." He is still bullish on the markets as a whole.

The S&P 500 recently dropped four percent, fueled by comments by Fed chair Ben Bernanke this week with respect to the most recent FOMC meeting. Bernanke commented that tapering of the Fed's $85 billion per month bond-buying program might begin before the end of the year and cessation might come by June 2014, a full half-year before what the market was previously expecting.

Birinyi is in financials, recently taking positions in Goldman Sachs (NYSE: GS) and Citigroup (NYSE: C). He said he isn't buying Bank of America (NYSE: BAC) right now.

Apple (Nasdaq: AAPL) is also a stock Birinyi wouldn't buy at its current level.

Birinyi's biggest short position is in the gold miners, specifically Barrick (NYSE: ABX) and Newmont Mining (NYSE: NEM).

Join FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW *NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here begin ad tag (tile=12) -- End ad tag --

Sign Up

Get the InvestingChannel
Free e-Letter Today

Learn More

Independent market opinion, analysis and ideas - delivered every business day

Premium market opinions, analysis, and ideas - delivered every business day

Editor's Picks