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Stock Market Soothsayer Predicts Continued Plummet
The Dow Jones Industrial Average has dropped from an all-time high of more than 14,000 in October 2007, plummeting in just 14 months to the borderline of 7,000, the volume of 12 years ago, where it remains, for now.
Robert Prechter, presently the CEO of Elliot Wave International who had predicted the stock market crash of 1987, is not optimistic.
"My long term opinion is that the bear market has several years left to run, and stock prices will go a lot lower," a Reuters article quoted Prechter as saying, "so any rally that happens is going to be a bear market rally."
Prechter also foresees a decline in the value of precious metals: "Too many people now think owning [gold and silver] is a good idea. Remember when everybody thought owning real estate and stocks was a good idea?"
As a general strategy, Precther recommends betting against popular investments, but he's still optimistic about cash equivalents: "I am still in favor of [U.S.] T-bills. The dollar bull market has more to run. That is one reason to hold them."
Robert Prechter, presently the CEO of Elliot Wave International who had predicted the stock market crash of 1987, is not optimistic."My long term opinion is that the bear market has several years left to run, and stock prices will go a lot lower," a Reuters article quoted Prechter as saying, "so any rally that happens is going to be a bear market rally."
Prechter also foresees a decline in the value of precious metals: "Too many people now think owning [gold and silver] is a good idea. Remember when everybody thought owning real estate and stocks was a good idea?"
As a general strategy, Precther recommends betting against popular investments, but he's still optimistic about cash equivalents: "I am still in favor of [U.S.] T-bills. The dollar bull market has more to run. That is one reason to hold them."
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