Today is Martin Armstrong day. It is the day that Armstrong predicted would see the low point in economic confidence which would start dropping in February of 2007, just 8 months before the bull market top in the Dow and S&P in 2007 and the actual beginning of big trouble in the financial stocks and banking sector.
I should say that at the moment Armstrong himself is very bearish on the economy and the stock market. He thinks unemployment is headed for 20% from its current level of 9 %. But his cycle forecast shows an upswing from the June 13, 2011 low which lasts for the next two years and for three of the next four years, bringing the cycle line back to its 2007 high.
I think his forecast, interpreted as a forecast of investor psychology, will prove to be correct. At the moment I think Armstrong's very bearish views show that he has become a part of the phenomenon he forecast rather than standing apart from it.