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Robert Pretcher's Greatest Trade Ever! Stocks Bear Market Could See Spike Higher

Stock-Markets / Elliott Wave Theory Feb 27, 2009 - 01:29 PM GMT

By: Nadeem_Walayat

Stock-Markets Best Financial Markets Analysis ArticleWith the Dow trading some 50 points lower today at 7120, earlier in the week, the 30 year veteran technical analyst, Robert Prechter announced both in his Elliott Wave Theorist newsletter and publicly on Bloomberg TV that he was covering his stocks bear market short position call that he recommended to subscribers over 18 months ago when the Dow was trading at 13,900.


Robert calls this his best ever trade recommendation during his 30 year career, amounting to some 6,700 points on the DJIA and 800 points on the S&P.

Robert Prechter's Historic Market Call - Newsletter

On Bloomberg TV, Robert Pretcher advises his clients to close their short positions and prepare for a possible strong spike higher as stock prices hit 11 year lows as investor sentiment indicators reached extreme bearish levels. However he also sees at least another 2 years for the stocks bear market before it bottoms due to the wave count and earnings fundamentals. Extreme investor sentiment indicators also point to a signifcant top in Gold and Treasury Bonds.

In the latest issue of Robert Prechter's Elliott Wave Theorist, he outlines three markets that are on the verge of a major trend change, additionally subscribers to this months historic issue also gain access to the previous three month issues.

By Nadeem Walayat
http://www.marketoracle.co.uk

Copyright © 2005-09 Marketoracle.co.uk (Market Oracle Ltd). All rights reserved.

Nadeem Walayat has over 20 years experience of trading derivatives, portfolio management and analysing the financial markets, including one of few who both anticipated and Beat the 1987 Crash. Nadeem's forward looking analysis specialises on the housing market and interest rates. Nadeem is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 250 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Attention Editors and Publishers! - You have permission to republish THIS article. Republished articles must include attribution to the author and links back to the http://www.marketoracle.co.uk . Please send an email to republish@marketoracle.co.uk, to include a link to the published article.

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Comments

TraderJoe
02 Mar 09, 13:35
Prechter Perma Bear

Prechter is a perma bear, don't believe me ?

Get a copy of his 1995 book On the crest of a Tidal wave, in which he builds up to his forecast why the Dow is heading for 400, instead the dow soared to 13,000 over the next 5 years !

LOL, if he is turning bullish then that means stocks will crash!


Richard
18 Mar 11, 03:18
PERMA BEAR

I don't believe Prechter has made one dollar trading, only money making predictions on his website that is loaded with so many kinds of subscriptions you'd have to pay $10,000 a month to follow everything he's ranting about.

He's been consistantly bearish on stocks since june 2010, during which time the market has rallied more than 10%. It doesn't matter if he's ultimately right, anyone trading his advice on leverage is more than wiped out by now.

Furthermore he has this massive deflation scenario that he's published books about and been preaching about since 2008, during which time the commodities have gone to the moon, silver is up nearly 200%. Gold double, Oil 300%, etc. etc.

Again it doesn't matter if he's ultimately right or not, he's not made a single correct call and worse, his advice is totally around the wrong way.

He's a classic example of why some of the best traders like Jesse Livermore said that its absurd to be bullish or bearish... you lose your opinion not your money. You make money when it goes up and when it goes down and timing is everything. You can't just pick an opinion and preach about it like Pretcher..... the broken clock who is right once a year....


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