(New York)

Charles Schwab has some advice for investors: don’t buy stocks. This is a sharp contrast to Bernstein Research (see our other story today). Schwab says the market just doesn’t have enough upside momentum yet to warrant buying the dip. The custodian says that once you get two solid up days in a row, then it is time to buy. Schwab argues that two good consecutive up days signals a shift in momentum that warrants buying, and given how down the market has been, there will still be plenty of margin to the upside.

FINSUM: We like Schwab’s call better than Bernstein’s, and given today’s performance, it also appears much more accurate.