Despite a strongly bearish long-term outlook, technicians Stephen Hochberg and Robert Prechter continue to see near-term upside for the market.

In The Elliott Wave Financial Forecast, a specialty service focused on a form of technical analyst known as Elliott wave theory, they explain, "Optimism is definitely on the increase, but it is not yet as the exteme that typically accompanies the end of a Primary degree rally.

"So notwithstanding near-term gyrations, the Dow should rise to the initial target, which remains in the 9,000 to 10,000 range.

I've just returned from the World Money Show in Orlando where more than 10,000 investors gathered to learn about global investing. I had a chance to meet with many of the U.S. and foreign financial experts featured at the show, and over the next week I will share some of their more intriguing ideas. To view all of the stocks featured in this special global report, click here.

Among the most bearish of the advisors at the World Money Show was Steven Hochberg, who says "Amidst a unanimous call by analysts for a 2007 market advance, the blue chip indexes are tracing out their final rally."

I would note that many investors are averse to reading bearish commentary. On the contrary, I would argue that all investors -- no matter how bullish -- are well-served by understanding and considering the arguments made by those who disagree.

Here, the editor of The Elliott Wave Financial Forecast, cautions, "The pending downturn should be accompanied by a major financial sector reversal, which is expected to be the last straw in a long-term, global topping process." Here's his bearish reasoning.

"One of the legacies of the bull market that began in December 1974 and ended in January 2000 is the conviction that speculation and financial engineering are enduring and self-sustaining engines of economic growth. From 1974 to the third quarter of 2006, financial assets held by Wall Street firms soared from 1.3% to 20.5% of GDP.

"The rate of ascent is even faster than the Fed shows, because their figures do not include hedge fund assets, which are estimated to have hit $2 trillion in November. Including this figure raises Wall Street's total assets to a mind-boggling 36.6% of GDP.