2011 crowded markets , page-30

TD91

Very pretty. Sounds reasonable to me.

A thought about our underperformance and cycles :-

I am reminded how the Dow topped in mid Jan 2000 and Nasdaq Mar 2000, but it actually gave many of our blue chips a boost and we performed well into 2002. Again?

On the 20 year combo of prez and dec cycles we bottomed mid Jan 1991 after the US had bottomed in Oct 1990. Perhaps we use mid Jan 2011 us our take off point. By the way its not unusual for a mid Jan low of some degree.