Societe Generale analyst Albert Edwards repeats call for S&P to drop to 450

The bears seem to be coming out of the woodwork in droves. The latest being Albert Edwards of Societe Generale who famously called for the S&P to drop below March 2009 lows back in May 2012 (see video). This week Mr. Edwards repeated his call for the S&P to drop to 450. In a report titled We still forecast 450 S&P, sub-1% US 10 year yields, and gold above $10,000 released this week “There are some ever-present truths in this business. Economists usually forecast a return to trend growth and will never forecast a recession. Equity strategists tend to forecast the market will rise 10% each year and will never forecast bear markets.” Well, apparently Mr. Edwards strongly believes in being the contrarian. Last year his call was completely wrong, will he get it right this time around? There is mounting evidence to suggest that his call may again be wrong this year but then every contrarian does have his day. Time will tell if Mr. Edwards' call proves to be correct or if he will be forced to repeat this call again next year this time around.