Charles Nenner: Downside Target on S&P 500 1,139

By on August 8, 2011

Professor Charles Nenner, former Goldman Sachs technician, thinks the S&P 500 will bounce off the 1139 level.  He said his system is showing a lot of risk.  Nenner would only buy bonds for a bounce.  Regarding specific stocks Nenner mentioned a couple of names.

Nenner spoke of his technical work on Research in Motion (RIMM) and Best Buy (BBY).  His price target on RIMM is 22 and for BBY its 25.  Professor Nenner is looking for a period of deflation and depression and is therefore interested in the bond market.  He thinks gold will eventually reach $2,500 an ounce.

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