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Oct. 23 (Bloomberg) --
The Dow Jones Industrial Average may sink as
low as 5,000 next year, a 41 percent decline
from its current level, according to
Peter Boockvar
of Miller Tabak & Co.
``The market's going to overshoot on the downside,'' Boockvar said in a Bloomberg Radio interview yesterday. ``When that occurs, I'll be a raging bull.''
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Earnings estimates are too high and when investors realize that, they will drive the stock market lower, added Boockvar, Miller Tabak's New York-based equity strategist. Companies in the Standard & Poor's 500 Index will earn a total of $60 a share in 2009, not more than $90 as some analysts estimate, he said.
To contact the reporters on this story: Thomas R. Keene in New York at tkeene@bloomberg.net; Ken Prewitt in New York at kprewitt@bloomberg.net.
Last Updated: October 23, 2008 00:01 EDT