Harry Dent Thinks QE3 Will Come Late in the Summer

Earlier, on CNBC, Harry Dent appeared to give his outlook on the market in the coming months. Dent is famed for having predicted the roaring market in the late 90s and the crash of 2008, although he has been criticized for being too extreme in his calls.

Dent stated that QE3 was likely come later in the year, after a period of weakness in the market. Dent believes that rates are being kept low primarily because European investors have come to the US out of fear.

Dent thinks that the market favors weakness over strength in terms of economic fundamentals, because stocks are more likely to see upside with Fed easing. If the economy is showing strength, the Fed may not ease.

Dent said he advised his clients to go short the market, as he believes we are due for a correction. He is unsure whether it will be a quick 4-8% correction or a larger 15-20% correction.