Noted market-timer Tom DeMark did not sound optimistic about the prospects for stocks in an interview with CNBC this morning.
DeMark compared today’s market to that preceding the Black Friday crash in 1929.
“When the market made its high on September 3, [1929], there were 23
subsequent trading days where the Dow Jones Industrial Average had a
short-term bottom,” he said.
“23 days aligns with the low end on Monday. And subsequent to that,
we had a four-day rally, and then the market unraveled — went down
48%. We are currently at that inflection point. Like I said, so far,
everything is aligned. We think the next two to three days are extremely
critical.”
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