“We expect [the Dow] to be back down to the 8,000 level and high 800 level on the S&P,” Saunders told CNBC.
“Right now, the major market indices are about halfway between the October 2007 highs and March 2009 lows and we think this is going to be a W-shaped recovery in terms of the equity markets and we are now in the top part of the middle part of the ‘W’.”