Shares turmoil ‘ends after lunch tomorrow’

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These are the predictions of legendary City soothsayer Robin Griffiths, who forecast the pain of the last few weeks in the summer, but said then that by tomorrow the market will be ready to turn. Mr Griffiths, who runs a hedge fund for Cazenove Capital Management, told newsletter Wealth Bulletin in August: "The main indices will go lower, probably by between 25 per cent and 30 per cent.

"This move will become frantic and possibly contain some panic in September and October, which will set up a great buying opportunity. The time to spend that money? You can put it in the diary: Tuesday 14 October 3.30pm — after a good lunch."

Mr Griffiths, a technical strategist who predicts the future of markets from historical graphs, trends and data, was sticking to his forecast today. He said: "The lunch bit is very important but history tells us the blind screaming panic has to stop some time.

"This has been worse than 1987 for sometime and I believe it now to be worse than 1973/74," he added. "Behavioural scientists will tell you a crisis of fear never lasts more than 40 to 55 days — whether you look at the Bible or the story of previous crashes."