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"Wall Street analysts have been so wrong for so long that it is very difficult to comprehend why anyone would pay attention to what they have to say," says Newman, a long-time bear.

"Whether earnings rise or fall, whether the economy grows or contracts, nothing makes any difference to the strategists," he says. "They are always bullish."

The bulls have stayed in stocks and maintained measly cash allocations, leaving no ammunition to take advantage of beaten- down shares.

"How sad that none could take advantage of the recent huge stock rally, having wasted their chances earlier and at higher prices," Newman says.

He estimates that the average investor will need to count on an incredible recovery of more than 70 percent just to break even on their bad bets on the Nasdaq.

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