Ahh, I forgot the flat yield curve and the bond market is a definite wildcard for Cons. Hedge funds and program trades can go either way...
We have a lot of similarities to 1987; sinking U$D, inflationary fears, complacency, bad policy, account deficits and debt, deteriorating market breadth and relatively high PE's (a lot of the cons I listed earlier were present in '87).
The only thing we do not have are high ST/LT rates...
I do not believe high oil and energy prices were of a concern in '87, but they certainly are today.
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