The S&P 500 has dropped 36% in the past year and the Dow is down about 35% since hitting a high around 14,280 about a year ago.
Each decline is large enough to qualify as a bear market. And yet there's much more downside ahead? Say it ain't so.
Top-ranked analyst is bearish
Top-ranked market analyst Jeffrey de Graaf says it is so, or it will be so, according to his analysis, telling Bloomberg News Wednesday U.S. stocks are only 'halfway through' their current decline. In Wednesday afternoon trading, the Dow was down about 18 points to 9,428 and the S&P 500 was up 1 point to 997.
"The big concern is that we're going into recession,'' de Graaf, a senior managing director at ISI Group Inc. in New York, told Bloomberg News. "The first part is the unwind of the previous boom, the second is the recession that follows. We're in the camp that we're only halfway through this." De Graaf has been the top-ranked technical analyst in Institutional Investor magazine's poll the last four years.
Each decline is large enough to qualify as a bear market. And yet there's much more downside ahead? Say it ain't so.
Top-ranked analyst is bearish
Top-ranked market analyst Jeffrey de Graaf says it is so, or it will be so, according to his analysis, telling Bloomberg News Wednesday U.S. stocks are only 'halfway through' their current decline. In Wednesday afternoon trading, the Dow was down about 18 points to 9,428 and the S&P 500 was up 1 point to 997.
"The big concern is that we're going into recession,'' de Graaf, a senior managing director at ISI Group Inc. in New York, told Bloomberg News. "The first part is the unwind of the previous boom, the second is the recession that follows. We're in the camp that we're only halfway through this." De Graaf has been the top-ranked technical analyst in Institutional Investor magazine's poll the last four years.
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