The Dow Jones industrial average is poised to plunge nearly 25 percent, said Richard Suttmeier, chief market strategist at ValuEngine.com.He has been predicting that the Dow will reach 8,500 since March 10 and is still holding onto that forecast. Suttmeier told Yahoo Finance TechTicker that he believes the market could decline even further.
If the market continues to dip, the Dow could drop to 7,800, but wind up at 10,560 in the second half of 2010, he added. The Dow recently traded at about 10,190 and a drop to 7,800 would be a fall of more than 23 percent from its current level.
Suttmeier said he is “not looking for an immediate move to 8,500” and predicts there could be “trading opportunities from both sides of the equation.” (more)
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