Why should you listen to Adam Parker prognosticating on the market? Because as Business Insider points out:
Morgan Stanley’s Adam Parker was crowned the most accurate forecaster on Wall Street when the S&P 500 closed 2011 within a handful of points of his year-end target of 1,238.
His 2012 year-end target calls for stocks to fall to 1,167. He sees a global economic slowdown hitting corporate profits hard.
Parker called for the S&P 500 to close 2011 at 1,238, making him one of the most accurate, albeit bearish, strategists on the street. Will he be right this time?
Ah, whaddoes he know???
1,167, for the record, represents about a 20% drop from current market value.
Parker expresses some of his views on the coming months and why investors should bail here. But it’s too bad I couldn’t post video of Adam Parker’s April 2nd visit with Larry Kudrow on his CNBC financial program; because neither man was happy with Obama’s incredibly failed policies.
Kudrow wrote an article on Obama’s failed oil policies that came out the same day, April 2. Rising oil prices were one of the reasons for Parker’s dour assessment for a tanking economy.
Adam Parker is joined by Congressional Budget Office (CBO) head Douglas Elmendorf, who predicts unemployment will rise to 8.9% by the end of the year and will rise to 9.2% by 2013.
It’s hard to understand how on earth Obama can possibly get re-elected if these men are correct: Obama will say, “blame Bush, blame Bush, blame Bush and, finally, blame Bush some more,” and people will be thinking, “Wait a minute, dude; YOU’VE been the president for the last four years, haven’t you?”
P.S. Enjoy your next fill-up, and please think of Obama as you watch the dollar amount indicator on the pump skyrocketing upward. As of April 2, the national average price for regular gasoline was $3.94 – versus $1.79 when the man who appointed an energy secretary who wanted to make American gasoline prices rise to the levels of Europe took office.