Thursday, January 31, 2013
Kee Sees 60 Percent Dow Correction
Tom Kee, president & CEO of Stock Traders Daily, said in an interview on Breakout that after another high in the market, he sees the Dow crashing anywhere from 50 to 60 percent, which would bring it under 6,000.
Although not quite as bearish with the S&P 500, he believes the current multiple of 15 to 16 times earnings is unwarranted.
The first response to his prediction may seem to not believe it, but in fact the last couple of times the Dow soared, in 2000 and 2007, it came crashing down by similar percentages.
Kee believes it's not going to be too long before the inevitable trend starts to materialize.