Robert Prechter of Elliot Wave International is making the rounds with a prediction that the bear will be back and the stock market will take out the March 2009 lows (Yahoo link).
For those who are not familiar with the name, Prechter became famous for some similarly bold stock market calls in the 1980s. Back then he was named timer of the year twice. I am seeing mixed information about Prechter's current record. Wikipedia is saying it is poor, but I remember reading a more reliable link (anyone can edit Wikipedia entries) saying the recent record was quite good, but can't find that now.
Anyway, it is a big name, a person with experience giving his opinion.
Fed just announced, no change in policy, as expected. For now, I am mostly looking to sit tight, hold on to my open positions until expiration on the 21st.
Long INTC, IWM, XLE, MTB, CELG, AMGN
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