Jeff Hirsch Sees Dow 38,000 Within 10 Years
Recently on CNBC Jeff Hirsch, editor of the Stock Trader’s Almanac, predicted the Dow Jones Industrial Average would hit 38,000 in the next 10 years. Hirsch explained his forecast was based on extrapolating a five-fold move off the low reached in March 2009, much like his father did when the market touched bottom in 1974.
During the discussion it was revealed it would require an annual return of 7% for the Dow to hit 38,000 in 10 years.
Show host Maria Cabruso-Cabrera pointed out the market flat-lined for 10 years in the 1970’s to which Hirsch responded the market could encounter a bear market of 20-30% after the election, but would subsequently soar.
Back in March 2012, Hirsch was looking for a chance to buy the dip [link].