04/04 Week, page-179

Still not convinced we are entering a bear phase despite Market being schizophrenic. But testing support zones before inflation data next week.

Too early to go into bear mode.. valuations and interest rates too low for that. Rarely do markets have epic falls at trailing 15 p/e with potential of improvement by end of month in tandem with strong credit markets.

Market is factoring in armageddon inflation numbers and earnings with very poor earnings outlook.

If that was the case then credit markets spreads would be wide - the pros are not really seeing armageddon like equity markets where spreads are tightening.

just saying