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Hop on now before Dow reaches 40,000, says forecaster who nailed 2018 selloff
CBS Market WatchGet your “Dow 40,000” hat orders in now.
That is, if you’re buying what our call of the day from Yves Lamoureux, president of macroeconomic research firm Lamoureux & Co., is selling. The stock forecaster, who correctly predicted a “panic event” in 2018, sees another big top coming for the Dow industrials, and says investors have roughly two years to hop on board.
“It will be what we call a ‘generational top’,” where the Dow will climb to 30,000 then 40,000 as an eventual high, but then plateau for a decade, Lamoureux told MarketWatch in an interview.
He says Fed Chairman Jerome Powell can be counted on to support stocks anytime they get in trouble, especially going into an election year where the economy needs to stay in tiptop shape. Powell appeared to do just that this week with hints of interest rate cuts, even if not everyone is convinced that move is coming.
“What I’m expecting...is another big move, in which people really go nuts. That's what’s kind of missing here,” Lamoureux said. “What separates me from everybody else is we study psychology, and what I find particularly odd now is there has been a very big flight of money out of stocks to bonds.”
That is, if you’re buying what our call of the day from Yves Lamoureux, president of macroeconomic research firm Lamoureux & Co., is selling. The stock forecaster, who correctly predicted a “panic event” in 2018, sees another big top coming for the Dow industrials, and says investors have roughly two years to hop on board.
“It will be what we call a ‘generational top’,” where the Dow will climb to 30,000 then 40,000 as an eventual high, but then plateau for a decade, Lamoureux told MarketWatch in an interview.
He says Fed Chairman Jerome Powell can be counted on to support stocks anytime they get in trouble, especially going into an election year where the economy needs to stay in tiptop shape. Powell appeared to do just that this week with hints of interest rate cuts, even if not everyone is convinced that move is coming.
“What I’m expecting...is another big move, in which people really go nuts. That's what’s kind of missing here,” Lamoureux said. “What separates me from everybody else is we study psychology, and what I find particularly odd now is there has been a very big flight of money out of stocks to bonds.”
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