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Dow 10,000, Revisited: Paul Kedrosky Sees Stocks "Considerably Higher" by Year-End
Posted May 28, 2009 06:48pm EDT by Aaron Task in Investing, AutosCiting the ongoing skepticism in the rally's staying power (a contrarian indicator), the Infectious Greed blogger and senior research advisor to Ten Asset Management believes the market is likely to "saw-tooth [its] way considerably higher through the rest of the year."
How considerably?
Kedrosky thinks the S&P could approach 1100 by year-end, which would translate into the Dow well above 10,000.
Nonetheless, he believes it's a bear market rally and unlikely to continue into 2010 as the market to get hit by fears of a "double-dip" recession.
In the immediate future, meanwhile, the market is dealing with a number of other issues that Kedrosky and I discuss in the accompanying video, taped at the AllThingsD conference at the Four Seasons here, including:
- The agreement between GM and its bondholders, which Kedrosky says
increases the likelihood of a "faster, cheaper and cleaner" bankruptcy for the automaker. - The planned shuttering of Art Samberg's Pequot Capital, a $3 billion hedge fund beset by poor performance and an insider trading probe.
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