Technical Update: 9/30/2010 - Awaiting Multi-Year Trend Confirmation
It's time for the big hedge funds and whoever controls the U.S. equity markets (Waddell Reed?) to paint the charts and confirm the multi-year market trend. Right now there are two camps. The $12 Billion+ hedge funds (Tepper, Paulson) who are bullish on every asset except for bonds and hedged with a rolling prescription by Dr. Bernanke via 24/7 Fedgreens Pharmacy. Or the deflationists who believe the Fed will fail at stimulating the economy, we're in a new market structure, P/Es are going to single digits and debt deflation from the 30-year securitized credit bubble² will persist in real terms.