the dow~richard russell comments, page-11

Geffa,

Just trying to get a handle on the illogical forces (to some) that are supporting this market.

The market is just one asset class that competes for capital, my point that we are in a fairly unique situation of historical low interest rates (which makes most other assets unattractive) combined with a volume of money unrivalled in history trying to find a profitable home.

The outcome is to some an illogical support of equities.

All this could (will) change when interest rates rise and other asset classes can return at a rate which is needed to sustain the boomers into retirement.

I am only pointing out historical PE analysis at this point in time of record low interest rates and unrivaled liquidity is somewhat an exercise of tunnelvision.

I am not a bull, far from it as my strategy (posted in the past) points out.