I try to be objective but it doesn't matter how I look at it, one fact sticks out. There is nothing out there that will justify a rise.
Sure it should spike if the war on Iraq goes like clockwork but that will only be shortterm "feelgood". The the yanks will have to look at their own backyard and deal with reality.
High P/E's, massive corporate debt, massive retail debt, shonky accounting, massive budget deficits, an overheated housing market, deflationary pressure from China flooding the market with low priced comsumer goods, increased security costs to protect the US homeland. It goes on and on.
In the 1929 crash the DOW ultimately lost 89% from it's high. I don't expect that to happen of course but it shows the sort of madness that can take hold.
