Mitta - don't think it will have a great deal more to go before it has a worthwhile correction. But it has been fabulous and looking for something that can show the same sort of potential. Some of the commodities are starting to show promise. Would love it to be gold but maybe I will just have to think it terms of one of the commodity indices.
But looking out longer term - and I do mean longer term - not the the next few months - I am thinking about the velocity of money. All this money is being printed but so far the banks are just playing with it. Not much of it is actually being put to work in the economy. I saw something that the actual velocity of money is the lowest since 1942 (don't know how accurate that is - I am a chartist not an economist) but once the velocity picked up back then the economy took off. If, and OK it is a big if, all this money in the system suddenly started to be put to work, then the US economy could really take off. If that happened then this huge sideways move for the past thirteen years in their market could be the springboard for a far bigger move.
Just something to think about. I see lots of analysis suggesting that the end is nigh etc but very few people are asking the question about what would happen if this last few years of trading over there is not the end of the line and a consolidation similar to what happened during the seventies.
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