SPDR S&P 500 (SPY)

[leftyg]

Fox..very nice chart and analysis. Your points are well made.

My general take is that the pump that has been going on by the Fed, and the dynamics of election year, make me think that there will be a rally into or near election day. A pullback or two of 5% could be expected along the way, but I think the strength of the rally may be surprising.

That doesn't mean the bear is dead......just delayed. It seems to me as though 2009 could be a bad year for the longs. You hinted at that in a comment recently, and I think you are right. Obama will use the "chickens coming home to roost" analogy, citing the bad policies of the Bush years..and may get a pass from the liberal press. But somewhere, sometime, the chit for all the "free money" the Fed is injecting is going to come due, and there will be heck to pay.......all imo, of course.