Vitas, I always enjoy the comparisons to '57 and '73,
and, yes, to a certain extent I believe that the past is prologue.
However, this is not '57 or '73 IMHO. What, I believe, that many folks do not consider, is the great transfer of wealth is and is going to take place over the next decade. The depression children have done well, lived long, and have prospered.
Nonetheless, the depression children have been very conservative (generally) in their investments, keeping them mostly in bank accounts (which is what failed in the depression-how ironic). I do not believe that the transferees are going to be as conservative. I've seen estimates that this transfer of wealth is going to be as great as $10T, or about the value of today's equity market.
Thus, I simply cannot buy into the long term concept of doom and gloom. The baby-boomers have affected every aspect of our society as they moved through it, and, I believe, this is going to continue for some time to come.
All this said, I continue to adhere to the belief that, in the short term, we are simply in a trading range, moving ever so slightly to the NE. Good luck to you in your trading activities.
Berney
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