http://www.marketwatch.com/story/elliott-wave-adviser-now-aggressively-bearish-2009-11-25 "But what is news is that, earlier this week, he became even more aggressively bearish than usual: He is now recommending that traders allocate 200% of their stock trading portfolios to shorting the stock market." Good ole' Bob, still throwing darts at a chart. Interestingly, no mention of any stop loss point that might invalidate the trade.
I may not be that aggressive in shorting but I see no compelling reason to be long. Downisde at this stage greater than upside. I suggest people with net positive wealth at least start moving into cash, even if it yields nothing. People with debt should repay them and not be lured into the false belief that debt doesn't matter, just because our governments think so.
i think the OP's point was more that prechter still gets quoted for anything, as he's been wrong more in a day than a stopped clock.
Some of Prechter's gems (from http://www.cxoadvisory.com/gurus/Prechter/), including the recent 200% short call. Note how he was screaming fire as he was "once-in-a-lifetime-bearish" in Oct 2003 after a similar bull move and then he stayed bearish all the way up like a deer in the headlights. Doesn't mean he must be as wrong now, just an interesting parallel:
Prechter on gold: Feb 27, 2009 http://www.reuters.com/article/hotStocksNews/idUSTRE51Q48420090227 On Monday, Prechter forecast that gold had just peaked, at $1,000 an ounce. Nov 04, 2009 http://www.theglobeandmail.com/glob...old-when-the-rest-are-bullish/article1350292/ The Oct. 18 edition of the Elliott Wave Theorist newsletter calls for gold to top out near current prices.
Did he close out his bearish run to the hills short proclamation from bottom of 03 yet? Oh wait, he said he amazingly called the crash of 08 in that book, so he re-released it right at the bottom of the last major dip, just in case you didn't get the message to get out the 1st time. So I guess then, if gold should climb to 10000 in the next 10 years then crash, he can rightfully claim he called it-- right?
I doubt this guy is a successful trader. His source of income is in gullible people willing to read his newsletters and books. Elliot Wave theory is a bunch of hoo ha for mystics and freaks having found no reason for market movement other than "the fourth world". Run far away from these lost souls who drink kool aid.
I tend to agree. This is something he shares with most (all?) other newsletter writers and talking heads on bubble vision.