Russell, like everyone, im in two minds with regards to the US at the moment.
I love the international growth story, and will continue to (read RIO's metals outlook released last night. This commodities boom will last for another decade).
I feel the 10% correction in the US has been self-fulfilling. I think the markets have been calling out for a 10% pullback and now its officially here. IMO, a bottom is just around the corner - i wouldnt be surprised to see a big big rebound tonight (350points+) led by the financials -> on the back of Citi/Dubai news.
Having said that, i will not be as bullihs on the US as i was 3 months ago until the USD appreciates. Its weakness is a concern for the US consumer - as so in turn - the US economy.
But i would write-off the US consumer. I think it will weather the storm (so to speak), but we wont know until GDP figures for Oct-Dec and Jan-Mar are released in 08.
So for US equities, i see range trading for 6 months - a period of consolidation. Trading b/w 14,000-12,500 (DOW). 2nd half 2008 will be very very strong though imo.
Tonight is important. We could see a big move imo.
We'll see...
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Russell, like everyone, im in two minds with regards to the US...
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