By Daily Crux Editor Sean Goldsmith:
Robert Prechter, head of the technical analysis outfit Elliott Wave, says the U.S. will lose its AAA credit rating by the end of 2010 due to the Fed’s reckless money printing… The economy “is obviously heading toward a depression” he said, despite the bailout efforts.
Prechter also sees investors’ confidence in an economic rebound fading, which will drag the S&P 500 below its March 6 low of 666.79 by the end of this year or early 2010… "There will be a leg down in stock prices, and it will affect all other areas," like corporate bonds and commodities.
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More on the recession:
Get your money out of the U.S. now
Bill Gross: U.S. is screwed, will lose AAA rating
Bond King Bill Gross dumping Treasuries; mortgage debt
