Barton Biggs said "rally is Over"
Yesterday, the known foreteller of Morgan Stanley Dean Witter said the rally on Wall Street is "over".
Remember, Ralph Acampora of Prudential said we wont hold the 7400
level and said we were heading towards 6300. His prediction came a day or two before the DOW was around the 7400 level.
Has anyone been following O'Neill's Investor's Business Daily, who
vowed no more than two weeks ago that the DOW wont hold above 8500
and will fizzle out, and unequivocally termed this rally as a bear market rally. (The story since has made a complete turn around and following in the market direction).
The last surviving bull of the wall street(except Iqbal), Abby Joseph Cohen had to finally convert and lowered her S&P earnings, last month.
Just moments ago, a noted technical chartist on Bloomberg said, 9300 will have to crumble before this rally by the end of this year. Besides, this analyst went on to say that several Fund Managers are "little behind and are aggressively buying on any weakness".
What happened and who should I listen to ?
By the way, I respect these prognosticators, the best they provided was no more than a running commentary of the current situation than any future insight, while this lesser mortal remained an onlooker listening to their prognosis with several missed opportunities while Up/Down.
Narotham Reddy |
