Even as the S&P 500 was making a significant decline Friday after a report showed American employers added no jobs in August, a valued economic forecaster was bullish on Wall Street.
Sam Eisenstadt, who served as the former research director at Value Line for 63 years, forecast that the stock market will see an 18 percent return over the next six months – with the Dow Jones Industrial Average hitting 13,600 by next February and the S&P 500 Index reaching over 1,400. As recently reported by Mark Hulbert, the retired Eisenstadt uses a complex economic model to forecast the market utilizing various economic and financial variables that have been close to target over the past six decades.
Eisenstadt told Hulbert the following, “I am sticking to my bullish guns in forecasting an 18% return over the next six months even if it sounds too good to be true. I do not question the numbers produced by the model nor do I attempt to rationalize them.”
It may seem that he is all alone in his bearish projection but others have had similar analytical outcomes. Steve Leuthold of Leuthold Global Fund (GLBLX), which has beat 92% of its rivals, said last month on Bloomberg Television that political uncertainty has pushed US stocks into a bear market even as the economy may still be growing.
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