Charles Nenner Predicts Dow to Drop to 5,000
The executive director of the Charles Nenner Research Center, Charles Nenner, told Bloomberg TV’s Trish Regan his cycles were now turning down for the stock market into the years 2017-2018. He discussed his calculations which show the Dow falling to 5,000 [see video below].
Nenner also mentioned Apple (AAPL) which he called a top on and shorted when it was just over $700 in the fall of 2012. He said the cycle was still down for AAPL, although he covered some of his short at $500. The bottom for the cycle on AAPL is $360, Nenner added.
Nenner said he had a price target of 1505 on the S&P 500 and sold everything a couple of weeks a ago when it hit this level.
Nenner said the cycle for the semiconductors index (SOX) was topping in a couple of weeks and he discussed the prospects for Intel (INTC) in particular.
Toward the end of the interview Nenner provided a simple explanation of his cycle analysis.
In early January, Nenner told Jim Puplava his cycle analysis showed the stock market would be up into February [link].