London: The stock market is set to bounce back on Tuesday after lunch, at 3:30 PM precisely, after an Armageddon-like situation gets averted, according to legendary British market soothsayer Robin Griffiths.
According to a report on Wealth Bulletin website, a sister publication of business weekly Financial News, the portfolio manager at brokerage firm Cazenove Capital Management, Griffiths has forecasted "Tuesday, October 14 at 3.30 pm", as the right time to enter the market.
According to the report, Griffith had said in August this summer after studying the charts of share price movements: "The main indices will go lower, probably by between 25 per cent and 30 per cent. This move will become frantic and possibly contain some panic in September and October, which
will set up a great buying opportunity."
He had noted at that time that investors should be ready to reinvest in mid-October as "the time to spend that money you can put in the diary: Tuesday October 14 at 3.30 pm after a good lunch."
According to the report, Griffiths reconfirmed his forecast last Friday, saying, "I'll stay with that call, although we might not quite get the price spike until the end of October.
"I expect the rally to continue for three weeks, after which we should get another dip to near recent lows on no volume and no panic. From that point, I would anticipate a 20 per cent gain by March."
Noting that the UK government is "doing all the right things," the veteran portfolio manager further said there was a massive support for the FTSE 100 index at its March 2003, low of 3,478 points.
The index had fallen by close to nine per cent on Friday to 3,932.
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