Tom DeMark On CNBC Predicting a Market Top, 11% Decline (1/26/2011)

Source: CNBC
On 1/26/2011 on CNBC, Tom DeMark, creator of the DeMark Indicators, said "we see at least an 11% decline from current market, if not more. Everything is aligning such that the market could experience a precipitous decline as early as tomorrow."

According to DeMark's chart of the S&P 500, there was a 13, or "major turning point", at the 2009 low and now when using the daily and weekly time series. The snapshot is of the "combo weekly".  Watch the video for more charts. According to Bloomberg, Steven A. Cohen (SAC Capital) and John Burbank (Passport Capital) are partners in Demark's firm, Market Studies. Watch the full interview after the jump.

More info:

*The Nasdaq and the Russell have already topped;
*The gold market generally leads stocks;
*Commodities are topping across the board;
*Two weeks ago they received a sell signal in crude oil and copper;
*the only haven is cash right now

Here is the market reaction two days after DeMark's appearance:

SPY (SPDRs S&P 500 ETF) -

Source: CNBC ("The Bear Case")

Related: $SPY, $FXI, $VIX Option Activity, SPY Chart Analysis (S&P, China and Volatility Futures)