It could very well be, the question is how far that will go, if 6% GDP growth is already discounted by the recent general advance, it may not go too far. As I said in my last post, I would be more confident in my bullish stance if we had closed above 1865 and if the equity P/C ratio got a little higher than .8. The local bottoms in early August and late September had equity P/C ratio going above .9. Yet, the fact that 1842 held keeps me solidly in the bull camp. Maybe .8 is "just enough" for a cyclical bull retrenchment...So we don't disagree much.
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