Start of BULL - 1982, DOW 776.92, NAS 200
What does this say to me, GREENSCUMs massive balloning of the M3, and massive manipulation of interest rates, add in a dash of derivative hedging to the tune of 200 Trillion, add in GSE mortgage creation to the tune of billions and billions (creating instant ATMs) and bang - you have the biggest bull market in history.
Now - what lies on the other side!
How much higher can M3 go, how much lower can rates go, how much more derivatives (these notes all come due, a big many of them in 2002/2003
And do not forget trade deficit - funding to tune of $2B a day in foreign capital, government debt of 120K per family of 4, not to mention mortgage and personnal debt.
And of course stocks, that loved American casino, 12 month forward trailing PE of 62 (per Bloomberg), dividend yields around 1.5% - wow what a bargain.
War in the Middle East! Hmmmmmmm
Have a great holiday! |
