Guggenheim’s Scott Minerd Sees Chance of S&P Falling as Low as 1,200

Here is the article.

“Investors who are sitting out there right now who rebalanced a few weeks ago and moved from fixed income to equities should probably think about rebalancing again,” he said Friday on a panel. “It could be 1,500, 1,600, 1,200.”

The S&P 500 stood at 2,843 at 12:17 p.m. Friday in New York, down about 12% this year.

“The market at this level based upon where earnings are doesn’t represent any kind of intrinsic value,” Minerd said. “It is being entirely propped up by liquidity.”