As we continue to experience the tumbling and rumbling of an economic recession, modern-day “Street Nostradamuses” are displaying their prowess in clairvoyance and audaciously disbursing prognostications about the markets and exchange traded funds (ETFs).

Undaunted, these prescient beings continue to give out optimistic predictions unperturbed by the abject failure in the year before, reports Alan Abelson for Barron’s. The type of predictions given is seen to reinforce the wisdom of a sage who once advised that when forecasting the stock market, one should give a number, not a date, or a date, not a number.

This is why we stick to trends instead of going with predictions – they have a funny way of turning out to be wrong. It’s best to look at the predictions and wait to see if they come true rather than investing in something based solely on what something or someone thinks will happen.

The skepticism stemming from optimistic views reflects the fear that the bottomless pit the economy now faces is really bottomless and that we may be far from reaching the elusive bottom. The truth of the matter is that there are very few asset havens to keep your cash safely stashed away because what took years to buildup is not going to magically disappear after a few months or even a year.

Jay and David Levy, a family duo from Levy Forecasts, have an extraordinary talent of being right most of the time and they think that consumers, CEOs, investors, and economists are overly optimistic. It is thought that the recession will likely run its course sometime in 2010 and require a hefty cash injection to bring the economy back to life.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.