by Bill McBride on 4/10/2014 08:56:00 PM
Thursday, April 10, 2014
For amusement: Years ago, whenever there was a market sell-off, my friend Tak Hallus (Stephen Robinett) would shout at his TV tuned to CNBC "Bring out the bears!".
This was because CNBC would usually bring on the bears whenever there was a sell-off, and bulls whenever the market rallied.
Today was no exception with Marc Faber on CNBC:
"This year, for sure—maybe from a higher diving board—the S&P will drop 20 percent," Faber said, adding: "I think, rather, 30 percent"And Faber from August 8, 2013:
Faber expect to see stocks end the year "maybe 20 percent [lower], maybe more!"And from October 24, 2012:
"I believe globally we are faced with slowing economies and disappointing corporate profits, and I will not be surprised to see the Dow Jones, the S&P, the major indices, down from the recent highs by say, 20 percent," Faber said...Since the market is up 30% since his 2012 prediction, shouldn't he be expecting a 50% decline now?
• At 8:30 AM ET, the Producer Price Index for March from the BLS. The consensus is for a 0.1% increase in prices.
• At 9:55 AM, the Reuter's/University of Michigan's Consumer sentiment index (preliminary for April). The consensus is for a reading of 81.0, up from 80.0 in March.