Doomers have been predicting a downturn for six months, eventually they'll get it right
The problem with financial analysts predicting extreme results, whether it was NAR economist David Lereah suggesting the housing market bottoming every few months between 2006-2008, or pessimists like Dan Dieghan on CNBC saying markets will crash 25%-50% a couple of weeks ago, is they can't change their stripes. If a pundit is saying the current vapid state of the economy can't sustain the level of the stock market in April, it's hard to call to suddenly say, it's time to buy, without appearing hypocritical, or worse, dead wrong.
The bear market rally since March, including the surprising July segment, has defied the doomers' predictions that the market has hit the wall with each down day (Google "Art Cashin pullback" and then "Art Cashin wrong" to see how many times Cashin has chirped). Sure, that downturn will inevitably arrive, but an average investor following the doomer pundits to stay in cash would have missed this rally.
Doomers just aren't as credible any more because they can't admit their predictions, once so true in 2007-8, have been so off this year.
The bear market rally since March, including the surprising July segment, has defied the doomers' predictions that the market has hit the wall with each down day (Google "Art Cashin pullback" and then "Art Cashin wrong" to see how many times Cashin has chirped). Sure, that downturn will inevitably arrive, but an average investor following the doomer pundits to stay in cash would have missed this rally.
Doomers just aren't as credible any more because they can't admit their predictions, once so true in 2007-8, have been so off this year.
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