http://www.prweb.com/releases/2009/06/prweb2537224.htm NEoWave Warns Stock Market Has Peaked for 2009 NEoWave Institute's Glenn Neely is forecasting the largest vertical drop of the decade for the S&P 500. Neely predicts the stock market will decline 50% in the next 6 months. Aliso Viejo, CA (PRWEB) June 16, 2009 -- Glenn Neely, founder of NEoWave Institute and prominent Elliott Wave analyst, today announces a startling prediction: The S&P 500 is forming a major top in June, which will be followed by a large decline, eventually pushing the stock market to record lows for the decade. "Technically speaking, according to NEoWave a correction began at last October's low; the March-June rally is the final leg of that correction," Neely explains. "The March-June rally is now ending, allowing the bear market to resume. During the next six months, the S&P will decline 50% or more, breaking well below 500!" Currently, the S&P is hovering around 917. Glenn Neely is providing this information not as a specific trade recommendation but as a general public service announcement. A prominent Elliott Wave analyst, Neely was recently recognized in Timer Digest's May issue as the #1 stock market timer for the past 12 months.
Thanks for posting, good stuff and entirely possible despite my bull bias. Glenn Neely knows his stuff. I wouldn't take it lightly! surf
I'm noticing a clear divergence with some being uber bullish, and some being uber bearish, and fewer people than typical in between. This is the first time I've noticed a pattern like this. Typically, people would be clustered along a bell curve, so to speak. As to the underlying economy, I'm asking myself questions and making observations that I never thought I would in my lifetime, and I'm not trying to sound dramatic about the whole scenario, but I honestly believe we truly will have a depression in the U.S. The only way corporations will survive, and they've begun this process already, is to slash and burn their workforce and production levels, so as to maintain margins. This process won't be complete for a while, meaning unemployment and consumption are going to rise dramatically from current levels. Europe, and especially Germany, had a relatively calm last few months, thanks to government intervention (finance in the U.K., autos in Germany) and the German cash for clunkers bill helped manufacturers and auto retailers get the cheapskates with money out of their old cars, but now where do they go? Stateside, peruse the classifieds of any free online site, and you'll see a mind boggling number of people doubling and tripling up on rent for apartments, housing, etc. People who had the true middle class life are going without cars now. I shit you not, in Appalachia, they are back to hunting and eating possum and raccoon, just like 50 years ago. I am not saying this to be funny, but because it's true. People who still have decent jobs and are still living in relatively unscathed areas are becoming fewer by the day, and they have no idea how bad things are going to get. The safest refuge now is government employment. Ivy League grads that shunned those jobs are begging for them now, as prestigious law firms close or delay hirings, Wall Street firings continue at a steady pace, and even hospitals and health care facilities see physicians and nurse, not to mention the administrative staff take pay cuts or be laid off. Things are very, very bad.
the issue i have with these pronouncements is what has happened to the money? markets are truly a zero sum game minus the vig ofcourse--therefore the capital has merely changed hands---- some one has it, and is spending it,,,,,, surf ps,,, they always hunted coons and possums in appalachia---economy never mattered to those folks
I know that you and I are a of very disparate opinions about the underlying health of the global economy, and though we respectfully disagree, I honestly hope that I am completely wrong but doubt that I am. I see a conspiracy of a confidence game played by major governments on the governed, lulling them into sublime ignorance about the deterioration taking place.
I agree with MS. Nothing has changed where I live. Bars, restaurants, clubs, lounges, movies, sports stadiums/arenas are all packed. I'm truly astonished especially considering the entire area is greatly dependant on the financial industry. Also, I don't know a single person who is unemployed. One friend still is at Goldman (although he said his department was cut in half), two friends from Bear were kept on at JP, many friends are teachers, accountants, and techs, and they all are still in the same jobs from 2+ years ago. I feel bad for the rust belt and "bubble" real estate areas. The damage must be awful there b/c it's hard to tell we are in a recession in the NY area. EDIT- That being said, I still think things are much much worse than the government and corporate controlled media is admitting.
i will earn a small fortune if the gloom and doomers are correct, selfishly, i hope you are correct. however, i am quite bullish feeling unfortunately. surf
yes, my experience is the same, i meet or chat with people almost daily gainfully and happily employed in the financial business. overall pretty upbeat still,. surf
Not sure where the finance companies/banks are laying people off, but it's clearly not in the NY area. Maybe they're dropping low level employees left and right, but the middle to upper guys are still raking it in.