Citi's Fitzpatrick: STOCKS COULD TUMBLE 27% FROM HERE

King World News spoke with Citi technical analyst Tom Fitzpatrick who is predicting that global stock markets are set to plummet 27%.
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.”

King World News

Fitzpatrick reiterated his bullish position on gold, which calls for the yellow metal spiking to $2,400 in 12 months.

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