Posted by rahrens_1 on June 27th 2011 at 11:41 pm
(June 23, 2011)
- very clear we’ll have a double dip and worse
- believes we’re making a top in the markets
- cycle low next week and bounce into middle of July, then turn back down again
- Nenner is long the bond market, has lightened up in equities significantly
- would sell bond market in September 2011
- Downside target on Dow is 5000 around 2013
- sold gold stocks, no gold position since a price of $1445, is now buying back gold stocks.
- Nenner’s indicators are saying gold stocks will catch up with gold bullion.
- Nenner admits he’s not a big gold bug but see’s a nice bounce going forward
- Nenner noted he sold RIM at $67 and see’s $23/share as a possible bottom
- to early to buy back into RIM
- he believes the debt ceiling is an issue for the US but Europe is much worse
- Europe is bailing out several counties and it won’t stop
- he believes there should be a Northern Euro and a Southern Euro
Rest of 2011
- was asked if we’ll see 1450 on the S+P?
- he thinks with it being the year before an election year and that the first 5 days of the year were up, the S+P will bounce around the current levels by year end but with some up’s and down’s.
See full interview here, Nenner interview starts about 22 minutes in.)