“Citi’s resident technical analyst, Tom Fitzpatrick, is known for his bearish calls and his favorable outlook for gold.
Fitzpatrick was just on CNBC this afternoon, and he laid out an extremely bearish thesis on the stock market
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The current market rally reminds the Citi analyst of the final rallies into the market tops of both 2000 and 2007 – and he sees stocks entering a bear market sometime soon.
Fitzpatrick told CNBC:
I think in the short term, we still a little bit of legs here. If you look at the S&P 500 – we’ve just moved to this new high above 1475 – it’s actually very similar to the way we traded into the highs in 2007 and 2000.
So, I wouldn’t be surprised that there is a little bit of legs here – maybe even up toward 1495 – but what there isn’t is momentum. Most of the momentum came in the first move up from last year, and we’re seeing a loss of momentum here similar to what we saw there.
Also, we’re seeing in the big picture…”
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