Another day, another painful 7 percent drop. So what happens on Wall Street when the selling stops? Veteran money managers say that day is coming closer, though they hazard no predictions on when it will arrive. When it comes, though, they expect stocks to snap back with a vengeance. “We will see this thing gap up,” said Fred Mitchell, president of Mitchell Capital Management Inc. in Kansas City. “That first 20 percent is going to come so fast.” Dave Anderson, with Financial Counselors Inc. in Kansas City, likens the stock market to a tightly compressed spring. The harder the market pushes down, the more it will pop up. “It’s so overdue, it should have an immediate snapback,” Anderson said. Professional buyers are waiting for that turning point to show itself. Then they expect that the money will rush in. The first buyers...
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