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Friday, June 11, 2010
Pento Says U.S. Double-Dip Recession `Virtually Assured'
Two interviews with Michael Pento, senior market strategist at Delta Global Advisors. Pento, speaking from New York, doesn't hold any punches as he discusses his gloomy outlook for markets and our global economy.
Two solid videos. I enjoy how uncomfortable the hostesses are with hearing that despite QE and ZIRP, the sun may not come out tomorrow. The ladies simply parrot a few sound bytes borrowed from other guests.
Ditto what BxCap said: interviewers were completely caught off guard by guest. Oil price decline equals falling demand worldwide despite whatever Bernanke says. The truth will out.
Pento is right, and once we get through this last push by money managers to get stock prices higher at the Q2 close, the dumb money of individual investors will follow and for a week or so beyond the quarter, the market will defy comprehension as it goes far too high. The insiders will laugh and place their short positions at their leisure, while people like Cramer will head shake and confess to being wrong for being so negative. The usual stooges will pump the market, and Mid-July to October we'll see a repeat of what we witnessed mid-April to end of May. If it gets really bad, you'll see precious metals sold off by hedge funds, like October 2008. I'll be in cash by July 7th.
4 comments:
Two solid videos. I enjoy how uncomfortable the hostesses are with hearing that despite QE and ZIRP, the sun may not come out tomorrow. The ladies simply parrot a few sound bytes borrowed from other guests.
hmm
Margaret Brennan and Susan Li
they're doing a good job
Michael Pento: my clients are in short term Treasuries and precious metals
so's Michael
Ditto what BxCap said: interviewers were completely caught off guard by guest. Oil price decline equals falling demand worldwide despite whatever Bernanke says. The truth will out.
Pento is right, and once we get through this last push by money managers to get stock prices higher at the Q2 close, the dumb money of individual investors will follow and for a week or so beyond the quarter, the market will defy comprehension as it goes far too high. The insiders will laugh and place their short positions at their leisure, while people like Cramer will head shake and confess to being wrong for being so negative. The usual stooges will pump the market, and Mid-July to October we'll see a repeat of what we witnessed mid-April to end of May. If it gets really bad, you'll see precious metals sold off by hedge funds, like October 2008. I'll be in cash by July 7th.
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