And yet Wall Street still can't decide whether they will hand out bonuses or not. It's incredible to observe this episode of greed and excess. We have a major problem as a country when we so readily reward failure. Let them earn their money just like everyone else and if they don't like it, tough.
"The price target for this year is still 6,700, so that's a lot of downside potential," Akker told "Squawk Box Europe."
Charts of the Dow show the "completion of a bearish pattern," which is "suggesting the same accelerated down move as back in October," Akker said.
The Dow [.DJIA 8273.58 --- UNCH (0) ] lost over 13 percent of its value in October. It closed at 8,273.58 on Monday, which is over 1,500 points higher than Akker's prediction for the year.
If the Dow closes below 8,175 then the next level of support for the index will be between 7,450 and 7,200, which were the October lows of 2002 and 2003, Akker said.
Blog RSS
