No one is perfect, especially when they’re in the business of forecasting the economy and the stock market.

With that thought in mind, I decided to revisit the forecaster I interviewed this year who has the worst record for 2006. The culprit, would you believe, was the stars, which glumly and erroneously predicted that 2006 would likely produce both a hellish stock market and a recession. “I was premature and wrong, but it will happen in the first half of 2007 because the trends are already in effect,” our stargazer, Henry Weingarten, insists.

Mr. Weingarten is the skipper of the Astrologers Fund, a 28-year-old New York-based advisory service that tracks planetary movements for professional investors. Also factored in are fundamental and technical trends.

Why was he so wrong about 2006? Mr. Weingarten based his outlook on his expectation that another terrorist attack would occur on American shores this year, and that the country would be going into a recession in the third or fourth quarter.

Although admittedly wrong, our stargazer says certain market trends, coupled with some astrological readings with a distinctly negative bias, pretty much ensure grim tidings ahead.

While the market could stage a brief rally in January, things will change radically before the end of the month, he says. In brief, he expects the market to “come down hard” by March 30, with the Dow falling between 500 and 1,000 points. An even bigger drop — on the order of 10% to 20% — is seen occurring during the same time period in the Nasdaq, which he believes is now totally stalled.

“No two ways about it, there’s reason for great caution right now,” he says.

On the astrological front, Mr. Weingarten’s sour outlook is largely based on a clash of two business cycles, Saturn and Jupiter. Adding to the astrological woes, he points out, a total lunar eclipse will occur March 3, which he says represents some sort of a crisis. Further, a long-term nodal cycle is on the horizon, which he says signals that the economy will slow into 2008.

If this all sounds like gobbledygook, it’s worth noting that Mr. Weingarten, despite his bum 2006 forecast, has been on the money numerous times with his planetary predictions. For example, in March 2004, with the Dow hovering around 10,950, Mr. Weingarten predicted a major market decline. About six weeks later, on April 21, the Dow tested the 10,000 level. On that same day, he predicted a sizable May rally. Bulls-eye again. May boomed as the Dow rose about 500 points.

Likewise, on April 21, with gold around $400 an ounce, he reiterated an earlier forecast that the precious metal would be the year’s major investment play. It was another home run, as gold subsequently topped $500 an ounce, in the process surpassing a 23-year high. Supporting his bleak 2007 outlook, Mr. Weingarten calls attention to a number of non-planetary red lights. Chief among them:

• A housing recession, coupled with a growing number of distressed home sales.

• Declining earnings growth.

• A weakening economy, which Mr. Weingarten expects will deteriorate into negative growth — between 0.5% and 1.5% — in the first half of 2007.

• Extreme stock valuations.

• A falling dollar.

• Strong monetary growth, usually a forerunner of inflation.

• A conspicuous rise in consumer bankruptcies.

• New indications of faltering job growth.

Mr. Weingarten also points to growing speculative investments, which he says have moved from the real estate market to the stock market.

He further argues that all these negatives are not fully reflected in the market. Taking note of the recent run-up in the major market averages to new or multi-year highs — which he describes as “irrational complacency” — he says investors should recognize that “trees simply do not grow to the sky.”

So what is he advising his clients to do? Mr. Weingarten recommends lots of liquidity (or high cash reserves); a 10% exposure to precious metals, namely gold and silver, which he predicts will post a strong first quarter; a stake in grains (corn, wheat, and soybeans), and a heavy short position in Nasdaq by mid-January.

A final thought from me: Our astrological bear may well be on target with his grim outlook, but keep in mind the stars have been dead wrong so far this year. Still, everyone deserves a second chance.

dandordan@aol.com