UnNews:Expert: Even odds stock market may go up
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25 August 2015
NEW YORK CITY -- Wall Street expert Bob Doll, Chief Equity Strategist at Nuveen Asset Management headquartered here, called a press conference to announce, "There is a chance the bottom's in. I can say it's at least 50 percent."
His pathbreaking announcement, that the stock-market slide culminating in yesterday's scary 600-point drop, might be over or might not, was carried live on CNBC's Squawk Box. Under television's Fairness Doctrine, CNBC carried an opposing opinion from Doll from two days earlier. Nobel laureate Robert Shiller of Yale University chimed in that the market bloodbath may get even nastier. He told CNBC that something "even bigger and bigger" might happen afterward, or maybe not.
The men are adherents of a branch of investing called Technical Analysis, where merely studying the squiggles on a graph of closing prices is the next best thing to an infallible prediction of the future, sometimes.
Doll asserted that the stock market is following a similar pattern to the one seen in 1987. "Two days up, one down, one up, a panic drop, a testing of new lows, the office interns switching to a low-cal drink, then two more up. It's just like twenty-eight years ago. Unless it isn't."
In that crash, a sinkhole did not rise up and swallow Manhattan, and Doll said he is "guardedly optimistic" one will not do so this time, either.
Asked what it all means to the small investor, Doll said that it is virtually a lock that the Republican Party will win back the Presidency. All they have to do is nominate George H.W. Bush.
Sources[edit]
- Fred Imbert "Bob Doll: 50% chance we've hit market bottom". CNBC, August 25, 2015
- FJ McGuire "Nuveen's Bob Doll: Correction Isn't Over Quite Yet". Newsmax, August 23, 2015