Noted market-timer Tom DeMark did not sound optimistic about the prospects for stocks in an interview with CNBC this morning.
DeMark compared today's market to that preceding the Black Friday crash in 1929.
"When the market made its high on September 3, [1929], there were 23 subsequent trading days where the Dow Jones Industrial Average had a short-term bottom," he said.
"23 days aligns with the low end on Monday. And subsequent to that, we had a four-day rally, and then the market unraveled — went down 48%. We are currently at that inflection point. Like I said, so far, everything is aligned. We think the next two to three days are extremely critical."
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
4 comments:
how does this forecast change if the market closes higher today and or fri?
2:30-Just read how everything went the last 10 times someone predicted gloom and doom.
Not!
He's probably a short-seller.
Post a Comment