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Charts Predict: S&P to 1,000, Gold to $1,250
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The S&P 500 [.SPX
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] will deliver investors a "pre-Christmas rally" that will send the index upwards toward 1,000 points, Chris Locke, MD of Oystertrade.com Management, told CNBC.
"I'm expecting a pre-Christmas rally that will take us up towards the high rally points we saw late-September and into October, around the 1,000 level, probably the minimum for this move," Locke told "Squawk Box Europe."
"The recent new low that we've seen for the year … has a very good chance of lasting into the end of the year," he added.
The unwinding of recent declines will be in three waves, according to Locke, suggesting the move higher would be peppered with temporary setbacks.
(Watch the full interview with Chris Locke above).
Locke is also bullish on gold prices and said they will continue "toward $1200, $1250 or maybe higher into (the year) 2010.”
"For me gold and perhaps gold-mining shares would be a good hedge against any problem in the financial world," Locke added.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
