Harry Dent: Sell Signal at S&P 958 on July 21
Harry Dent Jr., of HS Dent Investments, has issued a short-term sell signal for the broad markets in his Forecast Update of July 21, 2009:
We are recommending that most investors sell here with the intention of rebuying if we correct near term and break back convincingly above the levels hit today near 960 on the S&P 500. The reason we recommend this two-pronged strategy (to sell now and then potentially quickly rebuy) is that the potential gains if we do see a break out to the upside could be very substantial — as high as 11,300 on the Dow, or 25%!
Our recommendation is to sell stocks today around 958 on the S&P 500 or by the end of the day if it doesn’t quite hit that level. Then we will advise on rebuying depending on how the markets react in the days ahead. Depending on your own risk tolerance you may want to sell partially and then sell more or buy back depending on how the markets react.
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Date: July 21st, 2009
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