Mark Hulbert: Aden Sisters Advise Selling All Equities
Mark Hulbert was interviewed on CNBC and asked to give his opinion on whether the market was close to bottoming. Hulbert mentioned the Aden sisters, who have a great track record, advised subscribers of their Aden Forecast to sell all equities; both foreign and domestic.
However, Hulbert added he hasn’t seen the level of capitulation from bullish advisors that would lead him to believe a bottom is in.
Carl Quintanilla asked Hulbert to give a prediction on the level he believed the market would reach before finding a bottom.
Hulbert would only venture to say that the actual bottom rarely occurs on the day of the panic selling, but usually happens weeks or months after the event. Hulbert mentioned a similar drop occurred in November 2008, but the bottom wasn’t registered until March 2009. He added that the actual bottom is normally uneventful.
Hulbert is waiting for short-term market timers to throw in the towel which he indicated would be a positive contrarian signal.
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