Trader Tim Knight, creator of prophet.net, makes bold new call for Dow 5500
- Thread starter Port1385
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I agree the markets are headed further down, the recent bounce off of the 8000 area is just temporary, the next drop in markets will easily push the Dow below it's intraday low and probably see a bttom in the 6500-7000 range. Sell the recent run up in this market, don't be surprised by more extreme volatility and new lows in the market.
Reasonable. Original target was 7k, but each time the government meddles in the correction, the lower we go. 1k lower for each trillion of profit to the bankers. That's all it is, profit.
"Tim Knight has been steadfastly bearish before and during the market top."
My question would be what about before that? It's easy to always be bearish and then look right when it works or always be bullish and look right when that happens. There are some people who are always bearish or always bullish and they seem to advertise themselfs much more after they have been correct for the previous 6 months or a year.
Was Tim Knight steadfastly bullish from late 02 until mid 2007? Personally I have doubts.
Also, looking at that chart, it looks like you could have made about the same pattern as you see now in late 2002. I wonder in late 2002, how low he might have predicted the Dow would go over the next few years?
My question would be what about before that? It's easy to always be bearish and then look right when it works or always be bullish and look right when that happens. There are some people who are always bearish or always bullish and they seem to advertise themselfs much more after they have been correct for the previous 6 months or a year.
Was Tim Knight steadfastly bullish from late 02 until mid 2007? Personally I have doubts.
Also, looking at that chart, it looks like you could have made about the same pattern as you see now in late 2002. I wonder in late 2002, how low he might have predicted the Dow would go over the next few years?
For those of you who want to know how the 5500 target was derived, seems a poster on his blog had that same question:
From Slope of Hope:
(Poster):
Well, from a gutteral emotion I would say "YOUR THE MAN!" But you could please break it down it into baby steps as to why you feel we are headed that direction?
(Response from Tim Knight):
Call it a leap of faith. Don't really want to spend the time going into the rationale.
From Slope of Hope:
(Poster):
Well, from a gutteral emotion I would say "YOUR THE MAN!" But you could please break it down it into baby steps as to why you feel we are headed that direction?
(Response from Tim Knight):
Call it a leap of faith. Don't really want to spend the time going into the rationale.