Mark Leibovit: Election Year Cycle Indicates Bearish Phase Coming
The Nightly Business Report featured VRTrader.com’s Mark Leibovit as their guest market monitor on Friday. Leibovit said he’s currently moderately bearish based on his election year model. He also mentioned his visit six months ago where he called a market top to occur in April; a “bulls-eye call,” as he put it.
Leibovit said we should see the market peak by the end of August and he will be looking at volume indicators to signal when this occurs. He expects a correction to ensue into the September through October period.
Regarding the gold market, Leibovit said he’s already invested in gold and indicated he would buy more if there was a “wash-out” in the price.
Leibovit said his gold play would be a GAMCO closed-end fund Gabelli Global Gold, Natural Resources & Income Trust (GGN).
A review of Leibovit’s previous picks showed iShares Silver Trust (SLV) down 19.3% and Smith & Wesson Holding (SWHC) up 86.9%. Liebovit said he sold SWHC, along with Sturm Ruger, and would wait for the correction to get back in. He was still long SLV.
Leibovit was a guest on NBR in early March where he was calling for a big stock market rally into September based on his analysis of the average election year cycle [link].