Not a Bear Among Them

One of the greatest stock market tops is probably behind us, and it is now worth to try a short position on S&P 500. Accumulation distribution index has been ringing the bells for the last 4 months as big money was exiting while the stocks made new highs. Optimism is wide spread. Cash positions of institutional investors only began to reverse from record low levels. Recovery talk has been all the rage, yet jobs and housing are stubbornly depressed state despite QE2. We would like to remind yet another early call from Prechter who has predicted a big rally after March 9, 2009 bottom and turned bearish soon after DOW 10000. 2000 DOW points later, are we at the top that Prechter has been warning us about? Let us revisit an old video interview with Prechter and try to understand the extreme market price levels we are at.

December 30, 2010
Prechter on CNBC – “Not
a bear among them”

Robert Prechter of Elliott Wave International and Don Luskin of Trend Macro
share their opposing market views with CNBC host Larry Kudlow. (Note:
Prechter’s interview starts about four minutes into the interview).

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