Bears Run Amok in Market Prophet's Vision
Rumors of the 2003 market rally's imminent death have been greatly exaggerated in recent months. But according to one analyst with an enviable track record, the end days are finally here, and it's time to prepare for a sickening plunge into December and beyond.
The doomsayer is Michael Belkin, one of the few investment analysts who has emerged from the recent boom, bust and reboom with his reputation not just intact, but aglow. Most independent researchers build careers as all-bull or all-bear, but not this guy. Operating out of a home office on Bainbridge Island in the Puget Sound near Seattle, Belkin writes a $36,000-per-year weekly report on equities, bonds and commodities for leading managers of mutual funds, pension funds and hedge funds worldwide. The report rises above the straitjacket of specialization to treat the global landscape holistically as an interlocking economic, political and social system. Two weeks ago, Belkin abandoned his yearlong (and initially very lonely) bullish posture and put on the fur. He expects the broad market indices to sink significantly through the end of the year, led by cyclical industrial stocks, and does not see much of a recovery on the horizon for 2004.Belkin's Street Cred
Why take him seriously? He's been right about the last few major swings.- Loading Comments...
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| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,023.42 | 1,069.30 | 2,112.44 | 35.03 |
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