Olivier Garrett, CEO of investment consulting firm Casey Research, doesn’t think that the Dow’s drop below 10,000 is necessarily a bad sign.
That’s because he thinks that even at 9500, the Dow was overvalued. “We anticipate it will go … much further down,” Garrett told Newsmax. “We wouldn’t be surprised to see it back under 8000 before too long.”
Economic recovery is definitely going to be shaped like a W, not a V, says Garrett who considers the current rally to be “just a bear market recovery.” (more)
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