I find it interesting that Robert Prechter's call for a DJIA under 1,000 is starting to get traction in various "mainstream" media outlets. Is mood shifting enough that the media outlets are feeling the need to feed growing bear constituency? Who knows, but considering his call for a crash into triple digits has been around since Conquer the Crash was first released, I find the timing interesting if nothing else:
- Reuters: Prechter says Dow could fall to 1,000
- New York Times: A Market Forecast That Says ‘Take Cover’
And the CNBC interview that has been making the rounds:
Prechter on CNBC: Market Pro: Long Bear Market LoomingRobert Prechter, president of Elliott Wave International, tells host Maria Bartiromo why he sees dark days ahead on CNBC's Closing Bell.
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Of course, then there is this:
- Wall Street Cheat Sheet: Is Elliott Wave Theory High Priest Robert Prechter Certifiably Insane?
The great thing about it is that Mr. Hoffman and the rest of us will get to see, and very soon I think, whether or not the forecast matches reality in the coming years.
Also, please keep an eye on the announcements and stories coming out of BP and the Coast Guard regarding the "relief wells" being drilled. The tone has changed. It has shifted from "the relief wells are the only sure bet" to "[t]he relief well itself is not a slam dunk" over the course of a week or so. Maybe BP is learning underpromise and overdeliver - or else they are getting jittery. Maybe I'm too sensitive regarding this particular story. Keep your eyes on it some and see for yourself.