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NEW YORK (MarketWatch) — Double dip? Five down weeks has Wall Street whispering about another Crash.
Mark concluded: “Perhaps the most bullish thing that could happen in coming sessions, according to contrarians, would be for the market to undergo further declines, and that those declines prove to be so discouraging that a majority of the currently bullish market timers decide to throw in the towel.”
Well, at least it looks like this process is underway.
But Russell concluded: “The whole current mess reminds me a lot of 1929-30. After the crash of ‘29, the stock market roared higher, even as the economy was simultaneously weakening. When the great post-crash rally died in April 1930, the market turned down with a vengeance, and the Great Depression began. …The market is probably now in the process of forming a complex top. If the market now turns down convincingly, we could see the beginning of Great Depression No. 2.”
Also writing on Friday night, Dennis Slothower of Stealth Stocks Daily Report may perhaps have reconciled Russell’s paradox.
So it’s also alarming to see him write: “As the economic numbers continue to progressively worsen, this bull market will soon end and be replaced with a bear market. And I fear it could be just as bad as what we saw in 2008 – maybe worse…”
“I believe this is where we are ultimately heading to test this summer. If we do not get QE3-like effort from the Fed to defend this long-term support level, then a full-blown bear market will be in the works once long-term support is breached, as we saw happen in 2008.”