"The ISM reports and new claims were really bad, double dip (IMO) is inevitable, the consequences of the "victory" will be ugly and long-lasting (you may disagree with the last statement), valuations are funny etc etc - in short, market is a piece of **** and eventually will move much lower."
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chainik....
No argument with your conclusions, but why in the world would you blame the economic problems on the war? The economy was headed into recession long before the war was ever on the horizon, and Iraq has nothing to do with it. We are still in the unwinding of the bubble, and that is going to take a long time and will be very unpleasant. If you want to blame someone, place it squarely where it belongs, on the back of Alan Greenspan.
I do agree with you that the market could continue to go up - in fact it will do so until enough sustained selling comes in to defeat Greenspan's gambit to reflate the economy by driving the equities markets higher. I do not expect that to take as long as you suggest, but freely acknowledge that it could.
Good luck to you my friend.
mlsoft
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