This is the Robert Prechter Elliott Wave Tracking page for 2013. This page tracks articles on Robert Prechter and his prognostications found in the major news websites. For all news articles on Robert Prechter from the 1980s to 2012, go to this page.
January 11, 2013
Bears not buying recent market rally
Although most economists, portfolio strategists and analysts remain optimistic about prospects for stock market returns this year — as I’ve highlighted in several recent columns — some see plenty of pain ahead.
The doomsayers include perma-bears such as Robert Prechter Jr., whose Elliott Wave Financial Forecast has a large following. The latest edition of Prechter’s publication is as gloomy as ever.
“The stock market started 2013 with an opening-day bang, but the blast higher should end soon,” he warns. “Stocks’ ‘sigh of relief’ rally supposedly results from a fiscal-cliff deal, which will turn out to be a stop-gap that gives way to genuine fiscal calamity.”
Prechter believes a bear market will soon take hold, driving stocks “much lower” for the rest of the year. Gold and silver will also drop, he predicts, while the U.S. dollar rallies.
Economist and author Gary Shilling, a longtime columnist for Forbes magazine, is also in the bearish camp. He sees another global recession and stock market crash coming — one that will drive the S&P 500 down to the 800 level, or about 45 per cent below Friday’s close.