New York, NY (PRWEB) December 3, 2008
Anthony Jasansky, P. Eng., writing in today's Profit Confidential, a popular on-line investment and market letter has turned immediate-term bullish on the stock market predicting the S&P 500 will rally to 1,000 (currently at 896).
In his report released today, Jasansky, the 27-year stock market veteran states, "Considering the deepening economic slowdown this should be the time for the market to display its wall climbing ability. Last week's rebound from the new bear market lows, on reduced trading volume of Thanksgiving week, was the first big 4-day or longer winning streak in more than 12 months."
Jasansky first turned bearish on stocks early in 2007. By August 2007 he found the frequent references by market cheerleaders at the time, about stocks climbing a "wall of worry" as the reason for still higher stock prices, as "absurd." Jasasnky pointed out in August 2007 that in spite of the already deepening sub-prime mortgage crisis, the majority of institutional investors exhibited little worry in their trading.
According to his article that appeared in the popular stock market e-letter Profit Confidential today, Jasansky says, "Mutual fund firms are experiencing alarming redemptions from stock funds. From the market top of October 2007 to the end of October 2008 the cumulative net redemption from U.S. mutual stock funds reached $95.8 billion. Combined with a decline of more than 41% in major U.S. market indices, the net result has been a plunge in total assets of stock funds from $6,942 billion to $3,003 billion." (Source: Market Insider Bulletin, December 2008 issue)
In the Profit Confidential article, Jasansky says, "In summary, I'm moderately bullish but very cautious, not expecting the rebound to take the S&P 500 much above 1,000 (currently at 896)."
For the full report, please visit: http://www.profitconfidential.com
About Lombardi and Profit Confidential:
Profit Confidential is Lombardi Financial's free daily investment and market e-letter. Written by financial gurus with over 100 years of combined investing experience, Profit Confidential analyzes and comments on the actions of the stock market, precious metals, interest rates, real estate, other investments and the economy. Lombardi Financial is a division of Lombardi Publishing Corporation, one of the world's largest newsletter companies, now with over one million customers in 141 countries.
For more information, visit: http://www.profitconfidential.com