I guess 2000 on the S&P500 is a given, sooner rather than later.
I hear two main strands of thought:
- Securities markets are being manipulated higher due to Fed quantitative easing, which cannot last.
- This is the least-respected bull market in history. Underlying fundamentals are good, the retail investor hasn’t plowed into the market, and we are a long way from 1999 territory.
Which one is right? Hell if I know. Maybe neither. In any case, I keep long and strong (though not as long as I was, say, 3 months ago) until we actually see:
- some decent inflation uplift
- much higher wages
- long-duration bonds crashing
- technicals moving against me