ECONOMIC FORECASTER PREDICTS MARKET INDEXES HAVE NO BOTTOM IN SIGHT
Economic analyst and forecaster R. P. Yamin, publisher of a bimonthly newsletter called The Forecaster, predicts that the market indexes have no bottom in sight.
"With the threat of a costly dangerous war looming over the markets and the economy, there is no defined bottom to brake the DJIA'S collapse and no solid support for the hard-pressed NASDAQ.
"The unpredictable cost of another war rife with disastrous repercussions from the Arabian oil cartel, will be added onto a fiscal deficit for the current year totaling more than $1.5 trillion dollars. And the beleaguered taxpayer and faltering economy are now faced with Congress repealing the $1.3 trillion-dollar tax cut passed last year to cover the White House's soaring deficits.
FOR IMMEDIATE RELEASE
CONTACT:
Terri Monaghan
tmpr@charter.net
504-251-4300
ECONOMIC FORECASTER PREDICTS MARKET INDEXES HAVE NO BOTTOM IN SIGHT
MANDEVILLE, La. - Oct. 9, 2002 -- Economic analyst and forecaster R. P. Yamin, publisher of a bimonthly newsletter called The Forecaster, predicts that the market indexes have no bottom in sight.
In last week's newsletter Yamin predicted that the Dow Jones Industrial Average will test 7000 and will fail to hold. He also listed a clear advance warning of the Dow Jones collapse, and what the next stopover would be. He said that a spiraling breakdown in the DJIA will occur when IBM sells off below $50. A week ago IBM was trading above $60. Today it closed at $55.07, down $1.98. Yamin also added that when the DJIA cracks, along with other bull chips, GE, General Electric, is heading for a major sell-off, the NASDAQ average will break 1100.00 and many of its weakest performers will be trading below a dollar.
His current newsletters selected a hedge against the battered securities market, slumping economy, and the threat of a run on the dollar.
Yamin, who bases his forecasts on his own no-holds-barred analyses, said: "With the threat of a costly war looming over the markets and the economy, there is no defined bottom to brake the DJIA'S collapse and no solid support for the hard-pressed NASDAQ. If a war is launched against Iraq, and/or Israel invades Palestine, there is no dmage controlfor any of the indexes or the economy."
"The unpredictable cost of another war rife with disastrous repercussions as former presidential candidate Al Gore warned of, will be added onto a fiscal deficit for the current year totaling more than $1.5 trillion dollars. To cover the White House's soaring deficits, the beleaguered taxpayer and faltering economy are now faced with Congress repealing the $1.3 trillion-dollar tax cut passed last year," Yamin added.
"If President Bush's attack on Iraq gets out of hand and expands beyond control, the Arabian nations have two devastating nonmilitary weapons to retaliate with, which no one has acknowledged, that would be aimed directly at the securities markets and the economy like a smart missile. The Arabian oil rich countries could sell their vast dollar reserves and demand payment for their oil in Euro currency instead of dollars that would ignite a run on the U.S. dollar, and gain them a solid hedge at the same time," Yamin said.
Yamin recalled that in the early 1970s, over a riff with Israel the Arabian oil cartel put an embargo on oil imports to the U.S. which had a serious negative effect on the economy and financial markets before and after the embargo was lifted. Recently, Saddam Hussein demanded Euro currency instead of dollars for his oil.
Yamin has been an economic analyst and forecaster for 30 years. He hosted his own economic and market daily report on radio and television for seven years in South Florida, and has been repeatedly lauded for his accuracy in predicting trends in the economy and the market.
A subscription to THE FORECASTER is $275 a year, with 26 publications a year transmitted by email or fax. For mailed subscriptions the annual fee is $295.
For information, contact tmforecast@msn.com. or 985-792-1047, or visit www.theforecaster.com.
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