Trader/analyst Gregory Mannarino says the overall trend in the stock market is down, and he is anticipating more central bank intervention to keep propping up the sinking economy. Mannarino contends, “Without any doubt, they are going to keep doing this. They are going to keep trying to intervene in any way possible with things we can’t even think of yet. In my opinion, the main goal of all of this is to bring us to war. Bring us to war as this whole thing begins to meltdown, so they can blame it on that. They are going to look for a scapegoat . . . because it’s so distorted and so twisted it has to correct to fair market value at one point. They can keep twisting it and distorting it and manipulating it and faking data, but at one point, they are going to have to pay the piper. Everyone is going to have to pay the piper, and that’s going to be a terrible moment.”
As far as the near term for stocks, surprisingly, Mannarino says, “To me, this is looking very bullish in the short term. . . . It does not mean this market is going to go straight up. . .” Mannarino also adds, “I think the stock market is going to retest the highs with regard to the Dow back in May. It is going to take something extraordinary to push it beyond that. We may bump up against it, bump up against it and then roll over at that point. . . .This market is still way over owned and way over valued.”
On the dollar, Mannarino says expect weakness. Mannarino explains, “I think we are going to see the dollar fall here which is bullish for stocks and also bullish for commodities. I am a commodities bull here and I am an oil bull here. I do believe it is going higher here in the short run.” Mannarino also adds, “Oil is currency for a lot of Middle Eastern nations. . . . So, what can we expect? They are going to do something to drive the price higher. I sincerely believe this is an expansion of war. . . . They are not going to allow crude oil to go much lower from here.”
On gold, Mannarino is a bull and explains, “I think we are going to see some pressure on the dollar . . . this is going to push gold higher. Nothing is real, but we have to try to capitalize on the manipulation, and that is clearly where we are right now. Nothing is real. I don’t know another way to put it.”
Gregory Mannarino posts all his trades and advice for free on TradersChoice.net. Mannarino has also posted the charts he used in this interview on his “Equity List” page. Click here and scroll down for the charts. (Yes, that’s free too.)
Greg is the producer and creator of USAWatchdog.com. The site’s slogan is “analyzing the news to give you a clear picture of what’s really going on.” The site will keep an eye on the government, your financial interests and cut through the media spin. USAWatchdog.com is neither Democrat nor Republican, Liberal or Conservative. Before creating and producing the site, Greg spent nearly 9 years as a network and investigative correspondent. He worked for ABC News and Good Morning America for nearly 6 years. Most recently, Greg worked for CNN for shows such as Paula Zahn Now, American Morning and various CNN business shows.