International Forecaster: The rally is over. Dow 6600 will be retested.
The International Forecaster, Bob Chapman, says The Credit Crisis is Not Over After 23 Months.
The next major move in the stock market will be down. We are seeing the last vestiges of a rally similar to what we saw in 1931.
The public is de-leveraging, which means less consumption, less profits and more savings. The bear market is far from reversible. The rally is over. Dow 6600 will be retested. The basis and support for growth no longer exists. Credit markets are still semi-frozen and the financial system is no better off now than it was 23 months ago.
It is now only a question of when will the system break? We do not know that, but we do know it will break and the only safe haven to preserve wealth is in gold and silver.
Buckle your seat belts folks – at some point in the near future (July? September? October?) the green shoots rally of 2009 will reverse, and if you are still Long in the market when it happens, prepare to be wiped out.
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Date: June 21st, 2009
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