de ja vu, page-133

farsight, perhaps. i have suggested we're overdue for a k-wave winter. from memory, winter should have started in 2000. i've read some articles that suggest that the fed's actions after the tech bubble and subsequent housing boom had the consequential effect of warding off "winter". others have suggested that the u.s. has been in a technical recession since 2000 and economy growth has been an illusion that has been fuelled by unsustainable debt.

i think what we're seeing is not a housing boom and bust cycle per se but the financial one - one that may take years to resolve. but what does this mean for the market?

as per voltaire's analysis, we're close to an end of this leg....whatever this leg is?!?! will the rally spell the end of the bear for now or will it be just another bear rally (albeit it will probably last longer than those we've seen since the january lows).