Dow 5,000

One of my favorite contrarians, Bill Bonner, writes:

Before this correction is over, the Dow will trade below 5,000. That has been our prediction for the last 10 years. Maybe we were a little early. But we’re sticking with it.

Besides, stocks have been a bad bet for the last 12 years. They’re now back to ’97 levels…meaning, investors have made nothing for a dozen years. Stocks for the long run? How long do you have to wait?

And now, the stock market is breaking down…again. Dow Theory has given a Bear Market Signal. What that means, exactly, we don’t know. Stocks will go down until they stop going down, we guess.

I don't know if he right, but he's done better than all those blowhards at CNBC.