Notoriously bearish Bob Janjuah has some cold water to throw on this week’s little rally: “I think a lot of the rally over the last few days is built on frankly rather optimistic and incredible assumptions, so I think there’s a bit more downside ahead, maybe 5 per cent from here, maybe a little bit more, but I think we’re closer to the end of the sell-off than the beginning.”
For him that’s almost bullish.
Next year, however, he expects things to get far worse, with the S&P 500 declining 25% by this time next year.
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