Bob Prechter – “Step aside” from long positions
I yesterday published a short post on “When will the rally end“, quoting Ned Davis’s indicators. It also makes for interesting reading to consider Bob Precther’s views. Prechter of Elliott Wave International, who is often wrongly described as a permabear, in late February said “cover your shorts” and predicted a sharp rally that would take the S&P into the 1,000 to 1,100 range. With that prediction having come to pass, Prechter is now saying, as reported by Yahoo Finance, Tech Ticker, investors should “step aside” from long positions, and speculators should “start looking at the short side”.
“The big question is whether the rally is over,” Prechter says, suggesting “countertrend moves can be tricky” to predict. But the veteran market watcher is “quite sure the next wave down is going to be larger than what we’ve already experienced,” and take major averages well below their March 2009 lows.
Source: Yahoo Finance, Tech Ticker, August 11, 2009.
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