Robert Prechter: 2009 Lows Are on Their Way Back (SPY, QQQ, DIA, GLD, SLV)
Where were you when stocks bottomed in March of 2009? As fate had it, I was in Denver debating whether or not the market could be effectively “timed” with Burton Malkiel, Mr. Random Walk himself. Stocks had fallen 25% in one month on huge volume and staged a monster intra-day reversal just hours prior to the presentation to a room full of CFA’s.
As it turned out March 9th, 2009 was the greatest “buy the dip” moment of our generation.
According to Robert Prechter, founder and president of Elliot Wave International, it’s time to take profits. “It’s amazing what a mirror image today is of that time,” he tells me in the attached clip.
See the full “Breakout” interview below: