Tuesday, July 1, 2008

Paul Desmond (Lowry's): "Quite a ways from a bottom"

"We think we're still quite a ways from a bottom," Desmond warns. Over the next year, he expects the Dow to fall 30% to 50% from its October '07 top. The market could enjoy a few short-lived rallies during that span, like the one we experienced from March through May. But each rally is apt to result in a lower high and a lower low in the market.

Desmond is the author of the esteemed Lowry's Report and is someone I go out of my way to listen to. 

Below I've attached a chart showing the 30% and 50% retracement levels off of that Oct '07 top. 

1 comment:

upsidetrader said...

he's so right j man