And he thinks it could happen in a little as four or five months.
Here's what he told King World News he thinks could happen:
“So our bias is to think that (we
will head down to the 200 day moving average), in a similar fashion to
what we saw last year. That is down quite a bit below present levels,
at around 1277 (on the S&P). This would translate into 700+ points
(lost) on the Dow, to the region of around 12,000."
And here's the very scary he presented to King.
So this most closely fits the markets and
the underlying backdrop of what we see today. If we look at that
overlay, we sense that we may have already put in the peak here, the
suggestion is that the next down-move would be in the region of 27%.
This could be a very quick move, in as little as four or five months.”
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