According to Marc Faber, markets may rally a further 6 - 7% due to double bottom formation, insider buying etc.
I will be calling each of you individually to devise action plans around Sep / Oct 2011. Keep the faith.
8.24.2011
We Can Rally For A While
We had rally from the low on the ninth of August at 1,101 on the S&P to almost 1,200. Then we came right down again. Basically we did not make new lows. And now I think we can rally again for a while.
I think a lot of people will say the markets formed a double low and we have some technical indicators that are going to turn positive, so we could rally around 1,250, but as I said before, for me, we reached a high on May 2, 2011. 1,370 on the S&P–that we will not go through. My view is you have a lot of people with strategies that are very bullish. They have a yearend target of around 1,400-1,450 on the S&P. Then you have the super bear. I think both camps will be disappointed. - in Bloomberg.com
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
I think a lot of people will say the markets formed a double low and we have some technical indicators that are going to turn positive, so we could rally around 1,250, but as I said before, for me, we reached a high on May 2, 2011. 1,370 on the S&P–that we will not go through. My view is you have a lot of people with strategies that are very bullish. They have a yearend target of around 1,400-1,450 on the S&P. Then you have the super bear. I think both camps will be disappointed. - in Bloomberg.com
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.
