Talk of an Imminent Crash
Joshua Brown at Business Insider reports that many investors, including Dow Theory Letter’s Richard Russell, are expecting the market to crash before year-end. Russell goes as far as to say we won’t recognize America by the end of the year.
Eddie Elfenbein posted the results of a CNBC poll yesterday in which 40% of respondents predicted a 50% haircut for the Dow. Seriously, almost half the respondents predicted Dow 5000 by the end of this year.
That’s some serious bearishness, and if one is a contrarian, may actually signal higher prices ahead.
SMA Comment: Although I now seem to have a lot of company, I’m sticking to my prediction made last month that the Dow will drop below 9,000 by October.
Source: Business Insider
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