Grandich Predicts Long Bear Market
Source: FP Trading Desk (1/10/08)
Peter Grandich believes a “vicious, long-lasting bear market” has begun and early millennium post Internet bubble burst lows are reasonable targets for both the Dow and NASDAQ.
“It won’t be overnight and there will be rallies, but if you haven’t positioned yourself to be a live chicken versus a dead duck already, time appears not on your side,” he said in The Grandich Letter. However, he has a special fondness for Canada. And while it is considered to be in much better shape that the U.S., he doesn’t think it is immune from the U.S. contagion.
“Yes, it may no longer be true when America sneezes Canada catches cold, but it appears prudent for Canadians to at least put on a sweater and gloves,” he said...
As for his outlook for this year, Mr. Grandich pointed to an issue of The Grandich Letter from back in October where he warned investors to “Man your battle stations” and be prepared for an “unprecedented economic tsunami” that will hit America beginning in 2008.