Saut:  “This buying stampede in stocks is now 89 days in length, which is historic.  Buying stampedes tend to last 17 to 25 sessions, with only 1 to 3 session pauses or pullbacks, before they exhaust themselves.  There have been a few that have lasted 25 to 30 sessions, but it’s rare to have one go more than 30 sessions.

This one has gone 89 sessions as of today....

Continue reading the Jeffrey Saut interview below...


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“The next longest one was the 53 session buying stampede in 2010.  The longest one before that was the 38 session buying stampede in 1987 that marched itself up into the August high.  We all know what happened after that in October of 1987.

This buying stampede was also preordained  because it was kicked off by back-to-back 90% upside volume days.  A 90% upside volume day is when 90% of the total upside and downside volume comes in on the upside, and back-to-back 90% upside days are pretty rare.  This started on December 31st, followed by January 2nd.

The history of back-to-back 90% upside volume days since 1950 is that the S&P has been better by about 6.3% one month later 83% of the time.  And better by 12.8% three months later 100% of the time, except for this year.  So the string did break this year because we didn’t quite make 12.8% by the end of March, but we came real close.

So this is like nothing I’ve ever seen.  I’ve been in this business almost 43 years, and I’ve never seen a buying stampede last 89 days, but this one sure as heck has.”

Eric King:  “You are looking for a final push here.  Can you talk about that and what it would mean for the shorts?”

Saut:  “I think the shorts are panicking right now.  I told an institutional account on Monday, ‘Pull up an S&P chart and look at that chart and tell me if you would rather be long or short?’  The obvious answer is you would rather be long, and yet there are more than 404 million shares short on the New York Stock Exchange and those shorts are feeling the pain.  I think before this is over they will have to capitulate.

So I think the S&P is going to trade higher, with very little pullbacks, into the end of this quarter, and maybe into the first two weeks of July.  I believe we will get a print of 1,700 on the S&P, and then, sometime in July or August, the S&P will be vulnerable for the first time this year to some kind of double-digit percentage decline.”

IMPORTANT - Saut discusses gold and central bank money printing in part II of his tremendous interview which will be released later today.  KWN readers around the world will be fascinated with Saut’s comments on what has taken place in the gold market and where it is headed from here.

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The audio interviews with John Hathaway, John Embry, Dr. Paul Craig Roberts, Jean-Marie Eveillard, Dr. Stephen Leeb, Bill Fleckenstein, Eric Sprott, Gerald Celente and Nigel Farage are available now.  Also, be sure to hear the other recent KWN interviews which include Art Cashin, Marc Faber and Felix Zulauf by CLICKING HERE.

Eric King

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