1973 ?

[jk]

bill fleckenstein:

Finally, most of us weren't in the business in September and October of 1973. Two I know who were have observed the similarities between the Dow's rally then and the one occurring now. That September/October rally was the last rally before the market got annihilated. In fact, after that rally ended in late October 1973, the market dropped close to 20% in a month's time. A year later, it was down almost 40% from those October highs. The macro backdrop is worse now than then, so it's worth contrasting that data with the euphoria I keep hearing about on Bubblevision.

[blazespinnaker]

Re: 1973 ?

bill fleckenstein:

I think it all depends on the appetite for the Chinese to underwite american consumption. I'm not sure that will happen soon, and if it does, it will be very gradual.