‘We are definitely not buyers of the dip at this point,’ says UBS strategist

Stocks may be well off their highs amid rising concerns on the Russia-Ukraine war, but now doesn’t mark a great buying opportunity, warns UBS strategist Stuart Kaiser.

“We are definitely not buyers of the dip at this point. For perspective, we were worried about the first half of this year before the Russia-Ukraine conflict even started just based on the Fed and the growth in inflation dynamics. The geopolitical stuff just reinforces that,” Kaiser said on Yahoo Finance Live.

Markets would seem to agree with Kaiser’s hot take.

The S&P 500, Dow Jones Industrial Average and Nasdaq Composite declined on Monday, but came off session lows from pre-market trading. Traders piled into safe haven assets, notably gold as prices briefly jumped above $2,000 per ounce for the first time since September 2020.

Investors took their cues from spikes in the energy complex on worries the West will ban Russian oil exports.

Brent crude oil prices surged to nearly $140 a barrel on Sunday evening, but have since settled to below $130 a barrel. Meanwhile, gas prices have risen to an all-time high.

Shares of ExxonMobil, Chevron, Occidental, Transocean and other oil names had some of the most active ticker pages on Yahoo Finance through midday Monday.

To be sure, Kaiser isn’t alone on the Street in practicing extreme caution on risk-taking.

“Sell any relief rallies from oversold conditions,” said Morgan Stanley strategist Mike Wilson. “We stick to our view that the risk to growth should now take center stage for how long this bear market lasts and how deep it goes.”

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.