Ominous sign for Wall St., page-15

Yes this is an odd post. The precise reason for high stock prices has been falling interest rates over the last 5 years (plus a big - and in my opinion mistaken - downvaluing of risk on the market). Rates going down means there is more money round - and therefore, in theory, more money to buy stocks.

I have been watching the little H&S (especially on the SPX) with great interest - but at this stage I am by no means sure it is going to break. Of course we have the monster one still very much in operation.

Long oils, short metals.