From CNBC via Yahoo Finance:
S&P Faces 25% Drop Before Election: Strategist
The S&P 500 is likely to fall by 20-25 percent over the next three months according to Nomura strategist Bob Janjuah.
In a research note published on Tuesday, the long-term bear who called the recent rally for U.S. stocks said he expects investors to be back in risk-off mode until the U.S. election is over.
"I now think the correct thing to do - as I also said in April and June - is to prepare for a serious risk-off phase between August and November...over the August to November period I am looking for the S&P 500 (^GSPC) to trade off down from around 1400...by 20 to 25 percent...to trade at or below the lows of 2011."...MORE
"For now we are happy to risk 30 S&P points against us, in order to potentially pick up 300 S&P points in our favor."