ANNANDALE, Va. (MarketWatch) -- Richard Band is not someone who makes outlandish predictions just to get headlines. http://www.marketwatch.com/news/sto...x?guid={EADD139D-1954-4FD6-979A-F6100F2E910F}
Does a head and shoulders/double bottom formed by two 75BP rate cuts count? I may yet be proved wrong in being short but this guy is a complete tool. I use price action as a major part of my decision making but think in the current circumstances looking at more than just price patterns may be adviseable. He wants to be sure that this is a H&S bottom not a double bottom as the failure rate is 6% for H&S vs 60% for DB. How does he justify that target from a double bottom BTW - sounds like a bit too much of a move to be a technical target based on that pattern. Meanwhile Walt&Irma are about to recieve their statements telling them how much their mutual funds have lost for them. http://www.bloomberg.com/apps/news?pid=20601213&sid=aJ4mGHbpoUf4&refer=home Oh yeah, and funny how just as we head into book closing the amount of funds borrowed from the Fed by the I-Banks spikes up. Fed funded cheating?
Foolish prediction, what is the next catalyst for this market?? There isnt any catalyst at the moment, so anyone wishing for something more than new highs on the DOW should keep wishing...why make such a foolish prediction, there is nothing that can push the markets to new highs let alone 16,000. The markets have had a long rise up in the last 5 years, why cant anyone acknowledge that there are such things as recessions and bear markets.....
I hate to break this to you but eventually, you'll come to find out that by the time things line up perfectly and become obvious to YOU for a bull run to happen, you'd already be about 1 year behind. Do not trade the stock market based on "obvious" information. It ain't that easy. With all the sh*t that has gone on, we're merely a stone's throw away from the all-time high.
Is he the same guy that preicted DOW 20k and Naz 8k about 8 years ago. If the indexes finish the year at 12,500 and Naz 2400, it will be a miracle.
I keep reading this "there are no positive news so it's impossible for markets to rise before headlines don't become bullish" or "we had a 5 year bull market, we now it's completely logical to have a 2 year bear market" mumbo jumbo from you. The usual catalyst for rising markets is the fact that there are more buyers than sellers. This process tends to start waaaay before headlines or economic data becomes wildly bullish. If you are not flexible in your market view and accept that markets can change in a heartbeat I guarantee you will likely be on the sidelines while markets see a huge multi-week rally. Why not stay flexible and accept the market for what it is? Unpredictable and able to make prolonged moves in both directions at any time?