Robert Prechter, president of Elliott Wave International, tells CNBC why he sees dark days ahead.
Airtime: Thurs. Jun. 10 2010 | :40:0 10 ET
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Overall household indebtedness is up from $7 trillion to almost $10 trillion since 2000. On this sum, we estimate, the American consumer has an annual interest bill of more than $500 billion; a sum, by the way, that vastly exceeds his current income growth." —Kurt Richebacher
Knowing that the vote over the weekend in Greece was really a referendum on Euro membership, a majority of the Greek Parliament said yes to staying. European Finance Ministers meet again on Wednesday to solidify the 2nd bailout package for Greece at the same time hopefully a deal is consummated between Greece and its creditors this week. The Greek 14.5b euro bond that matures on March 20th is up by 2 pts. The optimism that all will be completed and contained AGAIN to Greece has yields lower in Portugal, Spain and Italy. The iTraxx Financial Index is also narrower by...
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June 11th, 2010 at 2:52 pm
Holy Crap! Prechter predicts a bear market!! Run!
OTOH, maybe he’ll be right, for once in 35 years.
June 11th, 2010 at 4:51 pm
Smug self promotion and flawless prognostication. How many bears can dance on the head of a pinhead?
June 11th, 2010 at 11:38 pm
Via Eric Tyson’s website http://www.erictyson.com/articles/20090616
“Here’s how Prechter’s trading advice has done from 1/1/85 through 5/31/09 versus the broad U.S. stock market average (Wilshire 5000 index) according to Hulbert’s analysis:
Annualized Return:
Wilshire 5000 Index + 9.7 percent
Prechter’s Trading Advice -15.4 percent
Total Return:
Wilshire 5000 Index + 857.1 percent
Prechter’s Trading Advice – 98.3 percent”
June 12th, 2010 at 3:23 am
Buy! Buy! buy!
June 13th, 2010 at 5:19 am
Great to see all the Prechter bashers are still out in force. Fading him has been a huge money-losing strategy for the past few years. He made a timely bullish call in the winter of ’09 and he’s going to pwn you guys again this time.
Mark Hulbert on Prechter last year as the market bottomed: “… considerably more than half the 180+-plus letters followed by the HFD lost money over the last 10 years. That’s what happens when you have a crash. And EWFF (Elliott Wave Financial Forecast) achieved this return with notably low risk. Indeed, on a risk adjusted basis, it has beaten the market over the nearly 30 years that the HFD has been following it — a remarkable achievement given its radical stands – both ways.”