Prediction of market downturn hitting target

By WND Staff
Published July 15, 2008 at 11:58am

The Dow Jones Industrial Average traded down 197.85 points, going under 11,000, to hit 10,857.34, at 10:17 Eastern Time this morning, falling into line with a forecast from Jerome Corsi's Red Alert.

That prediction said the Dow would continue its downward movement, closing Friday at 10,875.

"The Dow may be heading down faster than I envisioned," Corsi told WND, "but the trend remains consistent with my prediction."

Asked whether he wanted to lower his prediction for this Friday's market close, Corsi said "No."

"I think we will see some rebound in the market after President Bush's speech today," Corsi said. "We also have Federal Reserve Chairman Bernanke and Treasury Secretary Paulson addressing Congress today."

"The administration is going to do everything possible to reassure markets," he continued, "but in the end, the downward pressure of what, in effect, is a continuing dollar devaluation will keep pressure on energy prices. Fears of more bank closures and continuing inflation, especially in food prices, will be powerful forces preventing a strong stock market rally from taking hold this week."

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