Louise Yamata and her call on the S & P 500
Earlier this year I posted on my blog that not only did I think the DOW would plummet to 10,000 but I felt we would blow right through those levels. I have never received so many emails and complaints. I am not quick to make those kind of statements and I remember like it was yesterday what made me say it with confidence.
Louise Yamata. Louise is one of the most respected chartologist on Wall Street and when she called for the DOW to fall to the 10,000 levels I knew my "educated guess" was not unfounded.
Yesterday [Thursday, November 20th 2008] Louise Yamata made an appearance on CNBC's Fast Money and she threw out the bomb. She called for S & P 500 numbers to reach the 400 to 600 range. So many people just can't imagine these kind of numbers, I can. There is just to many "feet to drop" so to speak and we are a lot earlier on in this recession [is that what you are calling it] than most people think.
Over the years I have learned to ignore the talking heads and the cheerleaders on television and in the newspapers. They all suffer from the "just wait long enough and it will go up" syndrome. The last decade should be enough for anyone who invest for the long run in equities to give that a second thought. I for one will still sell any long position into the rallies and short this market.
If you just can't bring yourself to short this market it might be a good idea to get into cash and enjoy your Christmas. Just my take!
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