Stick in the Mud
Yesterday we saw a punch out to the upside on many stocks and commodities. In spite of all this I remain stuck in my convictions that the markets will not come close to the annual projections of the majority on Wall Street. A month or so ago I was looking at 1290 on the S&P as the extreme expected high in 2011. I will stick with that and we got close to that level yesterday. Long term issues that led to the 2007 – 2008 crash have not been resolved. In the meantime a lot of short term fixes have been applied and a lot of the old Clinton administration is getting back involved. They were part of the problem.