Richard Russell Now Bearish

By on June 21, 2008

As reported in this article from the SignsonSanDiego.com:

http://www.signonsandiego.com/news/business/20080621-9999-1n21market.html

Richard Russell is now bearish. Russell’s reported to have said he expects the Dow to drop below 11,000 before the end of the year and he would not be surprised if it falls below 10,000, virtually erasing all the gains that the index has made since the spring of 1999. “Right now, people are selling because they’re frustrated, but not because they’re scared,” Russell said. “The market will go much lower once the fear kicks in.” He said that the lowest points for the stock market could occur this fall – in late October or early November – which historically have seen some of the deepest stock market crashes.

Personally, I agree with Russell right now, but his forecasting record is pretty dismal.

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