Biggs, Mobius Sounding Bullish

Hedge fund guru Barton Biggs says he thinks the market is ready to “pop”, and that the upturn will come very soon.

“I think [stocks] are going to stabilize in this general area, and then we’re going to have a significant move to the upside,” Biggs tells Bloomberg. “The market is very, very oversold, and I think we’re going to have a big pop to the upside some time in the next couple of days. I wouldn’t be surprised to see us go to a new recovery high, just to make everybody squirm.”

Biggs added that the Europe concerns are serious, but said “I just don’t think that the worst is going to happen.”

Bloomberg also says Templeton Asset Management’s Mark Mobius sees good times ahead for emerging market stocks, which have been beaten up recently. Mobius has been buying stocks in Brazil, Russia, India and China in the past month. “Despite the fact that a lot of people think that we are entering into a bear market, we don’t believe so,” Mobius said. “When the time comes, emerging markets will recover faster and in a big way.”