S&P 500 is back at the level it was on September 12, 2008, just before Lehman collapsed.
So should we party even harder to celebrate a great recovery with more to come?
The other way to look at it is to say “Ground hog Day”. Look at oil prices: it’s around US$91, near its post Lehman high. And look at the attempts to prop up Eurozone banks.
When I was doing NS, we were told, “Watch and wait”, when at range.
Let’s,”Watch and wait”.
To give us the appropriate gloom amidst all the brokers’ cheer for 2011 let’s turn to Albert Edwards of Societe Generale (a big bad bear for many a year): I see yet another attempt from the authorities to levitate the equity markets to boost economic activity as I have always done; as an ultimately futile endeavour that merely produces bubble upon bubble and inevitably bust on bust – each one bigger and more dangerous than the last.