11/04 Week, page-65

Last two weeks has bear bubbled on hot air.
If there is no valuation nor activity problems then corrections are hot air.
Inflation fear bubble popped and 75 bp factored in.

Now we wait for earnings which could paint a different picture. There is no way I can get too bearish when valuations are low and activity is hot. Interest rates are required to cool demand because the economy is running hot. Inflation will range between 6-4%