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MoneyWeek (the UK’s best-selling financial magazine) editor-in-chief Merryn Somerset Webb has written about the latest views of financial historian Russell Napier of CLSA and economist Andrew Smithers.
Both Napier and Smithers focus on the true value of stocks as indicated by the Cyclically Adjusted Price Earnings Ratio (CAPE) and the Q Ratio.
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Bloomberg’s Tom Keene interviewed former Federal Reserve chairman Alan Greenspan at length yesterday. Greenspan commented on a wide range of topics beginning with a discussion of the political process. Greenspan’s main point was compromise is implicit in a democratic society.
Greenspan spoke further about the “fiscal cliff” America faces referring to it as huge. He said the problem is no one wants to inflict pain on anyone under any circumstances (something he has personal experience with).
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Lou Dobbs interviewed a veteran Wall Street observer from days gone by, Harvey Eisen, regarding his views on the future direction of stock prices. Eisen gained minor fame as a regular on Louis Rukeyser’s Wall Street Week. Its probably been around 20 years since I’ve seen him, but he still looks about the same. Eisen is currently the Chairman of Bedford Oak Advisors.
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Neil Cavuto recently interviewed Robert Prechter, founder of the Elliot Wave Theorist newsletter and author of Conquer the Crash: You Can Survive and Prosper in a Deflationary Depression
Cavuto brought up the fact the markets and economy have come back while corporate balance sheets have been cleaned up. Prechter replied all these economic statements are more or less correct in their own context, but using them to forecast stock prices would get investors in trouble.
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According to John Navin, Contributor at Forbes Magazine, Charles Nenner, along with Tony Caldaro, and Ramki Ramakrishnan, expect the S&P 500 to top out between 1450 to 1500. All three are amongst the more accurate practitioners of Elliot Wave technical analysis, according to Navin.
The timeframe for the exhaustion of the move off this 4-month long bull market run is expected to be sometime in the second quarter.
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The Market is Breaking Out!
March 14, 2012After see-sawing for weeks stocks took off yesterday, breaking above resistance (Dow 13,000). This looks like a market that is poised to go higher. How much higher is anyone’s guess. The old high’s on the S&P 500 are only about 12% away, so this seems to be within reach before the election. What is making [...]