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Strategies & Market Trends : Classic TA Workplace -- Ignore unavailable to you. Want to Upgrade?

To: AllansAlias who wrote (77145)	7/7/2003 11:05:02 PM
From: SwampDogg	Respond to of 209892

Credit where credit is due...Hussman has been bang on and this is great stuff "Keep in mind that the primary force behind stocks here is not investment merit but robust speculative merit. Historically, this set of conditions has not been particularly fragile, so our approach will not avoid market risk here on the basis of valuations alone. Still, valuations are not favorable, and this strongly implies that long-term market returns from a buy-and-hold approach are likely to be very disappointing - probably in the range of 2-5% annual total returns over the coming decade for the S&P 500. Accordingly, it will be essential to avoid market risk during periods of unfavorable trend uniformity in the years ahead, and I suspect that we'll see plenty of that. For now, our job is to make hay while the sun shines. On our measures, we're still willing to stay in the fields - but we're constantly checking the weather instruments."