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Black Tuesday came ..., but what is next?

Wed Feb 28, 2007 08:02PM | By Tony

See more in Economy | Permalink | Email | Comments (0)

Good question, and the one I can't answer. Nobody can, but as I said just in the very last paragraph of my previous post, written on the 23rd, as far as stock market goes, it is primed for a major correction.

Those who read my blog on a regular basis, know that I am often right in my analysis. So after the horrendous fall on Tuesday, and a weak recovery, which by the way was still very nice, I predict the following for the rest of 2007:
- stocks will go down and hard, with Dow going back to 10,500 level and may be below
- interest rates will stay where they are today, fluctuating slightly with Prime held at 8.25 +/- .25 percent, and 30 year Fixed Rate Mortgage in the range from 6.00 to 6.375 percent
- oil prices will move back and force between $63 to $81 per barrel
- US dollar will go down even more, trading around .72 Euro
- gold will reach price between $775 and $790 per ounce and then settle somewhere at around $750
- real estate market will remain weak and get worse, with number of foreclosures sharply up, and more lender troubles
- sub prime lending as such will cease to exist, and borrowers with bad credit will be effectively shut from home buying opportunities
- trade deficit will continue to grow reaching some scary number

No I don't have the crystal ball, but I know I will be right. And if I am wrong? That can not happen. As the one man opinion, I would recommend buying some gold, silver, diamonds and land. I would not buy foreclosures and rental properties. Supply will be much higher than demand. Sure, you can get the greatest deal, but no one will need it.

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