ftse, page-64

1984, yup, i do think we've seen the normal or 'natural' top of the market .. stock markets are normally discounting mechanisms, with a six month outlook roughly.. risks on the 6 month or so horizon are usually discounted now.. but now we have massive risk.. and the discounting is minimal.. and there is associated evidence of very deep pocketed intervention.. so i'm in the camp of those who see the DP interventions as perverting normal market action.. without which we would by now be more conclusively seeing a market top.. but with the interventions, we may see new highs..