I Called It Long Ago

Stock analysts issue 'Black Tuesday' warningTrends on anniversary of 1929 collapse indicate markets on verge of 'crash'

On this 80th anniversary of the "Black Tuesday" stock market collapse, some analysts are experiencing déjà vu, warning a major crash in the stock market is imminent.

Graham Summers, senior market strategist at OmniSans Research, wrote in the firm's daily e-letter yesterday that the markets may finally be on the verge of the crash he has been predicting for more than two months.

"Well, judging from the market's action today, I believe we may be within 48 hours of getting the "Official Sell" signal I've been waiting for," he wrote in "Gain, Pains, and Capital."

"I've been forewarning of a potential crash for months now. And the market's current action is precisely what you would expect for a major top (increased volatility)," Summers wrote.

Author and WND columnist Vox Day, asserts in book released last week, " The Return of the Great Depression," that the U.S. is entering the early stages of the Second Great Depression.

Day concludes an economic contraction of very large proportions is developing. But he contends that "due to a reactive wave of positive social mood, statistical obfuscation and understandable denial, it will take about a year for the consensus opinion to cycle through the various scenarios in descending order of optimism before the grim reality finally becomes apparent to even the casual observer."

Summers says the "issue now is whether this rally gives up this week, rolls over and breaks below the trend line or if there will be some greater push to the upside."

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