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FedEx Chart Means Double-Dip for Economy
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FedEx gives investors a clear insight into how the U.S. economy is going to perform and its chart is saying that a double dip recession is inevitable, Robin Griffiths, technical strategist from Cazenove Capital, told CNBC Monday.
"There isn't just a risk of a double dip, the probabilities are such that I think it's baked into the pie and is inevitably going to happen," Griffiths said.
FedEx [FDX
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] "is in a brilliant position to have a forward look at the state of the U.S. economy," Griffiths said.
Charles Dow, founder of Dow Jones & Co., said that if railways were busy it was a good sign and backed up bullish stock market moves, Griffiths noted. In the modern era FedEx has taken over that role, he added.
Shares of UK-listed miner BHP Billiton [BLT-LN Loading... ()] are backing up the negative outlook, according to Griffiths.
"We've had a brilliant year. The chances of getting another year quite like the one we've just had – remote," he said while looking at BHP's chart.
"Somewhere in the coming month I think we should be taking risk off the table, getting ready for a pullback," he added.
- Watch the full interview with Robin Griffiths above.
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