I have over the years developed a great respect for the technical analysis of Robin Griffiths, technical strategist at Cazenove Capital in England. Although I do not receive his reports on a regular basis, his interviews with CNBC from time to time at least keep me in touch with his views.
In an interview recorded a few days ago, Griffiths said most Western stock indices would suffer a 10-15% correction over the coming weeks and hit a low in the middle of October, but that would mark a buying opportunity for the rest of the year. September is likely to bring volatility to the major stock markets, but not the sharp declines expected by many analysts, he said, adding that in early October it could be a different story.
Source: CNBC, September 7, 2009.
