S&P 500 may fall further 10-15%: Nomura's Janjuah
Nomura's widely-watched strategist, Bob Janjuah, believes that the S&P 500 is likely to fall another 10 to 15 percent in the near term, causing the U.S. Federal Reserve to unleash more stimulus policies in 2016.
"When we were up at (21,000 points)[sic] I thought we would see 1,700 (points) at some point in late (third quarter), early (fourth quarter)," Janjuah, a senior independent client adviser at the investment bank, told CNBC Tuesday. "We made some progress towards that target, I think there's a bit more to go."
The S&P 500, a broad measure of U.S. stocks, closed on Monday at 1,972 points, a key level some analysts are watching for support. The index has just suffered its worst month since May 2012 on the back of Chinese growth concerns and jitters that the Fed is about to raise interest rates....MUCH MOREBack when he was at Royal Bank of Scotland and again in 2011 Mr. Janjuah was calling for 550 on the S&P so this is damn near euphoric.
"Eat your heart out Albert Edwards": Royal Bank of Scotland Calls for 550 S&P (and: "South Sea Bubble Redux")
Nomura's Bob Janjuah: QE2 Has Run It's Course, "Time to Fade Jackson Hole"
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Coming into the Far Turn Russell Napier and Albert Edwards Lead the Gloomster Stakes But Felix Zulauf is Making a Move With an S&P at 500 Prediction
Napier is at 400
Albert says 450
Bob Janjuah trails at 550.