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In this week's update he says his indicators suggest a heightened possibility of a 10-20% fall for the market. Also quotes a ECRI
analyst who says leading indicators suggest we're heading for recession.
SNIP
I try not to wave my arms around about near-term market risks, but I think it's important to cut straight to the chase here. The present market environment warrants unusual concern, in my view. Based on a wide variety of evidence and its typical market implications over an ensemble of dozens of subsets of historical data, the expected return/risk profile of the stock market has shifted to hard-negative.
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