Market due for fall?

That seems to be the growing sentiment. Many on Wall Street have been expecting a pullback for several weeks, what with concerns over high unemployment and escalating oil prices. Of course, anyone who pays attention to the so-called experts predicting where the market is headed obviously hasn't learned much these last few years. Still, it's out there. From CNBC:

"A lot of professionals don't believe this rally is true," said John Buckingham, chief investment officer at Al Frank Asset Management in Laguna Beach, Calif. "A retest of the lows from here would be an awful downturn. Even if you had a 10 or 15 percent downturn that would hurt." "From a short-term perspective, it's anybody's guess," he added. "If I had to be a betting man on the near term I would say we're due for a modest pullback." The 10 percent or more figure seems to have the most traction on the Street; Standard & Poor's chief investment strategist Sam Stovall earlier told CNBC he thinks a 15 percent pullback is in order "before I can breathe a sigh of relief and believe we're headed higher again."

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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