The outside events are almost unprecedented in modern times. Markets sold off, just to the point of being oversold for the first time in seven months–after being overbought technically the entire time.
The “world” has created trillions of dollars/yen/Euro’s etc. and forced it into the capital markets. Because after all, its all we’ve got. Even with the possibility of Japan being a “dead zone”, the market is due a bounce.
We’ve binged for months. We purged for days. Lather, rinse repeat. Expect a long trading range until QEIII.
Targets:
DOW 12k
SPX 1300
NASDAQ 2700
RUSSELL 810
Happy St. Patricks Day! Stay safe…
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Thanks for the targets.
Do you really think there will be a QEIII – and if so how do you feel about the precious metals bandwagon?
The rebuilding may revitalize Japan. Kinda like Karl Marx saying capitalism needs war to prosper.
No.
http://en.wikipedia.org/wiki/Parable_of_the_broken_window