Newsmax’s Kathleen Walter interviewed renowned technical analyst Charles Nenner, founder and president of the Charles Nenner Research Center a few days ago.
Nenner indicated the U. S. is on course for a severe recession because there wasn’t enough deleveraging and the recovery from the past economic downturn was so weak. He sees the economy remaining fairly stable through the end of next year, when deflation becomes a problem.
Regarding stocks, Nenner stated, “we had a target of 1,720 on the S&P, so once we were [at] about 1,700 we sold all the stocks.” He added, “the sentiment [is] too extreme. The market is very risky, so we don’t go in anymore. We’ve been out now for the last three, four months and we’re just standing aside.”
In the video below Nenner also discusses interest rates (suggests symbol TBT to profit from rise in rates), the gold market (expects it will take time to recover), Ben Bernanke’s legacy, and the unemployment problem.
Back in June, David Gurwitz, the managing director of Charles Nenner Research, predicted stocks would collapse 60% over seven years [link].