Post by Chris_Wendt on Aug 17, 2009 10:40:39 GMT -5
"There’s no basic foundation for the run-up we’ve had, been far too rapid," Dan Deighan, founder of Deighan Financial Advisors, told CNBC. He predicts we're going to see a 25 to 50 percent drop in the market — and it's going to be fast."
This is the pronouncement made on Monday, August 17, 2009, after US Consumer Sentiment took a nose dive on Friday, and world markets sustained significant losses in the aftermath.
At the same time, the stock market volatility index, (VIX) soared 15%, signaling the likelihood of significant near-term market volatility.
However, hard economic data reveals that the German, French, and now the Japanese economies are no longer technically in recession. But meanwhile, there is still no economic recovery in the US.
Remain wary and act cautiously.
Chris Wendt
