Thursday/ stock market madness

(This is a late post; it is Friday already).  It was quite a whipsaw week in the stock market.  And on Thursday Walt Zimmerman from ICAP Information Services opined that by 2013 the S&P 500 index will be at 570.  (Pictures from CNBC’s broadcast Thursday).  570! Say what?  The index closed at 1178 on Friday.   The market is following the same ‘5 wave pattern’  that it did from 2007 to 2009, Walt says.   Hey, I’m not an expert or a stock market guru (and who is? is anyone anymore?).   But the consensus is that there are not enough similarities when comparing the US economy in 2008 vs 2011, or the world economy in 2008 vs 2011, to justify this gloomy prediction.  We can only hope the consensus opinion has it right.

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