Garzarelli correctly warned of the 1987 crash (some people have privately disputed this), but really never quite so publicly nailed a major top or bottom. Her reputation grew into a “One Hit Wonder” (Meredith Whitney has garnered similar criticism).
On the 20th anniversary of the 1987 crash, she appeared on CNBC. She would have been better served had she reiterated her prior call. Instead, 1 week after the market peaked on October 11 2007, and just as markets began their 57% slide, she was “Absolutely Bullish” and claimed “this is a Secular Bull Market.”
Here is CNBC:
Crash of ’87: Then & Now: The crash of ’87 happened 20 years ago, today, and Elaine Garzarelli, president of Garzarelli Research, and CNBC’s Mark Haines look back on that day.
Fri 19 Oct 07 | 09:42 AM ET