I've been calling for a bear market and I think this is a bear market and if we get a rally that will be the correction because the primary trend is now down. This is early in this bear market, it's very young and unfortunately it's going to be very long-lived.
I think this is going to be similar if not worse than the bear market that went from 1966 to 1982. It took 16 years for the Dow to make a new high and during that time period inflation took about 70 percent away from the Dow's value. This time I think it's going to be worse.
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