In typical wishy-washy, non-committal fashion, here’s the headline for a recent article that quotes Elliot Wave frontman Robert Prechter: Get Ready for a Cataclysmic Market Crash! (Or Maybe Not).
I do believe we’re near a market crash, but not because Robert Prechter, perennial permabear, says so. I have to admit that there is a lot about technical analysis that I like and that I find useful, but he’s turned it into a religion and a PR machine for promoting an enterprise that makes millions off of very early successes predicting a crash that made him look like a hero.
It’s not a great feat to predict a crash if you’ve been predicting it for a decade or two. If you keep saying it long enough, you’re bound to be right. Even a broken watch is right twice a day.
Nevertheless, while Dow targets of 1000 seem a little outlandishly played for publicity, 5000 does seem pretty reasonable within a short amount of time.
One of the stupidest articles I’ve read
By Option Trading Blog on July 13th, 2010
Learn to Love Our Massive Deficit has got to be one of the most brazen pieces of financial sophistry out there:
Brilliant, Mr. Wheelan. Way to step out and take a stand.
To set the record straight, Hoover was a self-identified progressive, and it was progressive policies that caused and prolonged the Great Depression.