1325 on the S&P 500 is Critical Level: Charles Nenner

By on May 15, 2012

Charles Nenner - Charles Nenner Research Center Market technician Charles Nenner of the Charles Nenner Research Center in Amsterdam was recently interviewed by Jim Puplava. Nenner said his downside target for the S&P 500 was 1325. If it breaks that level he said we would be in for a longer period of correction, but he thought it would hold with the market remaining in a trading range.

Nenner also said if the NASDAQ 100 doesn’t break 2600 he believes the the major market indices will reach new highs. ¬†However, over the longer term Nenner predicts the stock market will break down to much lower ground.

Nenner also commented on the gold and silver markets with some disturbing predictions for the metals bulls.

Nenner’s downside target for gold was $1359 an ounce and for silver he sees $23 an ounce. Nenner mentioned that he got out of gold at $1900, but many of his clients didn’t and are now selling because they indicated they were long term holders, but the losses are now becoming too big.

Nenner said this wasn’t the end of the gold and silver bull market and he’s waiting for a good entry point after this correction runs its course.

Regarding copper, Nenner sees the $4.00 area as a major top and recent weakness in copper and oil are indicative of the economy rolling over and becoming weak again. Nenner provided a downside target for oil.

Nenner commented on the bond market which he sees having one more rally left. After that, bonds will enter a 30 year bear market. Nenner also sees trouble for the dollar in 2014 and indicated people are not as eager to invest in the U. S. anymore.

The interview [available at source below] continued with Nenner commenting on a possible depression, his prospects for the euro and other currencies, his discussion of recent bubbles which lure people into the wrong investments, and the importance of not being emotionally involved while investing.

Source: Financial Sense

One Comment

  1. Blaine

    May 16, 2012 at 2:20 pm

    We appear to be teetering on nenners precipice.

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