Strategist Forecasts Prolonged Recession and Further Stock Market Declines
• Longtime market strategist Jon Wolfenbarger forecasts a prolonged recession and continued stock market decline • He points to inverted yield curve, deteriorating earnings, overvalued stocks, and investor "irrational exuberance" • Regional Purchasing Manager Indexes suggest lower earnings ahead, especially for small caps • "Magnificent Seven" tech stocks appear overvalued and overbought, risking an 80% Nasdaq-like crash • Wolfenbarger "Market highly vulnerable to falling to new bear market lows as investors forget 2022 tech stock declines"