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Posted on 10/10/2003 10:23:29 AM PDT by Sub-Driver
Stars may align badly for stocks next week 'Market astrologer' sees possible repeat of 1987 crash By William Spain, CBS.MarketWatch.com Last Update: 12:56 PM ET Oct. 10, 2003
CHICAGO (CBS.MW) -- A tricky planetary set-up -- along with political/economic events and an ongoing slump in the U.S. dollar -- could put an end to the stock market's recent heavenly performance as early next week, according to one star/stock watcher.
On Friday, market astrologer Henry Weingarten warned that Mercury will be at a 90-degree angle to Saturn during a key earnings week. That positioning means investors' recent bullish thinking "will be challenged by realities," including the dollar's weakness against the euro, a bond auction and a "possible war event."
Coupled with a rising full moon that heightens emotions, Weingarten says, the Dow Jones Industrials could lose 300-plus points by end of trading Tuesday -- and possibly even do a repeat of the crash of October 1987.
There "are certain times astrologically when you must act," he said. "If you are aggressive on the long side, you must reverse that between now and Tuesday."
"The fundamentals are out of whack," Weingarten continued, notably the price-to-earnings ratios of two companies that reported third-quarter profits this week: Alcoa (AA: news, chart, profile) and Yahoo (YHOO: news, chart, profile). In addition, "there is no job growth, the country is overspending...and we have the same margin levels we had in March of 2000."
While the market risk is greatest until early Wednesday, the longer-term view is hardly encouraging, by Weingarten's reckoning.
He noted that Saturn will be in Cancer for the next few years. This could hit the strongest remaining pillar of the economy since the Crab is both the birth sign of the country and rules housing.
To back that up, he said that when Saturn was in Gemini -- the astrological sign that rules communications -- "look what happened to the telecoms."
Whenever Mercury is squared with Saturn, which happens several times a year, "it is a yellow-alert day but when it is backed-up by other things happening, it makes it that much more volatile. There have to be both celestial and terrestrial events [at the same time] for a crash."
All in the correlation
Weingarten's specialty is "correlating planetary events with market activity," an approach that has both a small following and plenty of detractors.
In a September 2002 "Stockpickers" feature on CBS.MarketWatch, he tagged three equities as near-term outperformers: IBM, Tyco International and penny stock International Hi-Tech Industries.
At the time, IBM (IBM: news, chart, profile) was trading at $73 and change, Tyco (TYC: news, chart, profile) was $15.15 and International Hi-Tech (IHITF: news, chart, profile) was 24 cents.
In recent trading Friday, IBM was flat at $92.45, while Tyco tacked on about 1 percent to $21.91. International Hi-Tech was unchanged at 26 cents.
He should look harder.
There are always more whacks just
waiting to come down...
What the heck does THAT mean?
I assume he means with respect to the sun.
Yo, putz ! Mercury orbits the sun every 88 days. That means it's at a 90-degree angle to Saturn every 44 days or so.
This is the dawning of the Age of Aquarius!!"
If he's right, burn him as a witch.
I think that means WE'RE ALL GOING TO DIE, PEOPLE!
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