Tom DeMark — the chart guru who counts Stevie Cohen as a fan — sees reason to be bullish.Not sure his reasoning, but…
The S&P 500, which closed at 1,204.49 yesterday, will probably drop below the 11-month low of 1,119.46 set on Aug. 8 before surging above 1,363.61, its peak on April 29, DeMark said during an interview in London today. The rebound may last two to three months and also push the Dow Jones Industrial Average and Nasdaq Composite Index (CCMP) above their 2011 highs, DeMark said. European banks including Societe Generale (GLE) SA “look like buys” after the shares tumbled this month, he said.
Hopefully you have an iron stomach.