Strategists at top houses are still seeing a much higher market closing by end of 2009. In fact the average prediction is an average of a further 46% bull run by end of 2009. Funny, if it was any other market conditions, calling for a year end closing that is 46% higher would have been a very major bullish call. But you don't hear of any trumpeting, I think everybody have been wrong so many times, they are quietly stating their predictions... but believe you me, if the markets surge 10%, all these strategists will be yelling their lungs off that their calls were prescient.
Click on link for the funniest and sarcastic take on trusting market experts and their predictions by the always funny Jon Stewart.
It is hard to trust the strategists who are paid huge sums of money to be wrong so many times. Its the world's best bullshitting job. No matter how wrong you were, as long as you can b.s. your way to justify why you were off, you still get to keep your job. You don't even have to get it remotely close. Its mainly a PR job to meet up with clients - much like the nightclub girls who will schmooze you and tell you all lies, but still many of clients like to be schmoozed that way. Good b.s. artists still get paid very well, just like good nightclub ladies (or gigolos) are also well paid for their services - hard to find the difference. We are all prostitutes in the end for the right price!!!
p/s photos: Kou Shibasaki