Some truth? Or general horse...

(1) It wasn't too long ago that the "media" believed that crude oil would reach $100/barrel. Now they're telling everybody to be bearish. (2) The "media" assumes inflation will continue. They completely ignore a deflationary scenario. (3) Greenspan follows the Fed Funds contract to determine Fed policy. He doesn't lead the market. He responds to it. (4) Employment numbers are a "lagging indicator" of a strong economy. An uptrending stock market is the best leading indicator of a strong & confident economy. (5) Stocks are still overvalued compared to historical norms because of aggressive accounting practices that create a misguided sense of proper valuation. PE's and dividend yields need to get to "7" AND be accompanied by a sense of panic before a state of undervaluation and capitulation can be achieved. We're not there yet. We'll see what happens later.
 
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