Steven Leuthold: We’re in a Bear Market, Recommends European Multi-Nationals

By on August 8, 2011

Steven Leuthold was on CNBC this afternoon and said stocks were in a cyclical bear market. Leuthold thinks contrarians can make money in large European multi-nationals like Siemens, although he feels the Euro is doomed in the long run. Leuthold speculated on how far the market could down.

Leuthold said based on historical precedent the market might go down to 955 on the S&P 500. He added that PEs can come down to 8 to 10 in a bad psychological environment even if earnings are good.

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