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emark-i just posted on gpt this very subject,my belief the world by and large is in for a broad rerating add higher int. rates or poorer xchange rates it all adds up to lower earnings with higher costs,which todate have not been published,so yes more pain to come add the unknown writedowns that are still to come and despair should pretty much create the well and truly oversold into october,in the broader sense there is no sunny side of the street,however that is not to say some stocks will not shine.
lets hope we hold the shiny ones or cash.