Market Top? Maybe? Maybe Not?
Interesting prediction considering we just made a 3 1/2 year high. Take it for what its worth. He has called them correctly and incorrectly before. Joe Granville, 81 years old, 50 years of trading experience, author of the Granville Trading Letter...
"We're sitting on the most dangerous highs in years," Granville told the Daily News, pointing to the latest cycle that's pushed the Dow up 40% since March 2003. By his reckoning, the current lofty levels mean the timing is right for a big fall. He believes the Dow's 260 point drop since Dec. 28 is the the tip of the iceberg in what will be a long and painful slump. He sees the blue-chip index dropping to 7,400 before the end of the year, just below its March 2003 level. The Nasdaq will fare even worse, dropping over 50% to under 1,000, he predicted.
See: He's at it Again - N.Y. Daily News
http://www.nydailynews.com/business/story/277849p-238042c.html
"We're sitting on the most dangerous highs in years," Granville told the Daily News, pointing to the latest cycle that's pushed the Dow up 40% since March 2003. By his reckoning, the current lofty levels mean the timing is right for a big fall. He believes the Dow's 260 point drop since Dec. 28 is the the tip of the iceberg in what will be a long and painful slump. He sees the blue-chip index dropping to 7,400 before the end of the year, just below its March 2003 level. The Nasdaq will fare even worse, dropping over 50% to under 1,000, he predicted.
See: He's at it Again - N.Y. Daily News
http://www.nydailynews.com/business/story/277849p-238042c.html
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