2003: Another Tough Year


We always had an uncanny ability to forecast trends in the US equities markets. We predicted the end of the bull market that took place in the first half of 2000…the only problem was we made that forecast in 1996 and missed the last four years of the greatest bull market in history. With that note, here’s why we are still bearish for the new year.

The US equities market, using the Dow Jones Industrial Average as a proxy, closed 2002 at 8,342 down 17 percent from 10,073 at the end of 2001. Th

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