From WorldNetDailyTrends on anniversary of 1929 collapse indicate markets on verge of 'crash'
Posted: October 29, 2009 ~ 1:00 am Eastern
© 2009 WorldNetDaily
On this 80th anniversary of the "Black Tuesday" stock market collapse, some analysts are experiencing déjà vu, warning a major crash in the stock market is imminent.
Graham Summers, senior market strategist at OmniSans Research, wrote in the firm's daily e-letter yesterday that the markets may finally be on the verge of the crash he has been predicting for more than two months.
"Well, judging from the market's action today, I believe we may be within 48 hours of getting the "Official Sell" signal I've been waiting for," he wrote in "Gain, Pains, and Capital."
The Dow Jones Industrial Average lost 119 points yesterday, or 1.2 percent, while the NASDAQ lost 2.7 percent. The Russell 2000 index of smaller companies dropped 3.5 percent.
Summers explained in an online piece Tuesday that he has been watching an ominous pattern develop in which the trading range shrinks as stocks rise higher. In the past, that pattern has led to a sharp downturn, he said.
"I've been forewarning of a potential crash for months now. And the market's current action is precisely what you would expect for a major top (increased volatility)," Summers wrote.
Author and WND columnist Vox Day, asserts in book released last week, "The Return of the Great Depression," that the U.S. is entering the early stages of the Second Great Depression. [CLICK HERE TO READ MORE]
From WorldNetDailyAuthor who predicted current crisis shows why it's 'only the beginning'
Posted: October 25, 2009 ~ 8:30 pm Eastern
© 2009 WorldNetDaily
Drawing striking comparisons between the Japanese economy in 1988 and the American economy today, a new book by an author who predicted the current crisis warns it's going to get much worse before it gets better.
Vox Day, a WND columnist, asserts in "The Return of the Great Depression," by WND Books, the U.S. is only now entering the early stages of the Second Great Depression.
Day presents a fact-rich case, rooted in economic history
and time-tested theory, in which he concludes that an economic contraction of very large proportions is presently developing.
But he contends that "due to a reactive wave of positive social mood, statistical obfuscation, and understandable denial, it will take about a year for the consensus opinion to cycle through the various scenarios in descending order of optimism before the grim reality finally becomes apparent to even the casual observer."
Though the message is stark, Day believes the book is a much-needed antidote to the self-interested optimism of the financial media. [CLICK HERE TO READ MORE]
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