The US recovery could be bumpy, but haven’t we passed the point where credit markets threaten to completely freeze-up? Art Cashin of UBS trading appears to believe the worst is behind us.
“Now we’ve gotten back to basically pre-Lehman levels. The Lehman scare is out of the market.”
So we’re back to pre-Lehman, but markets are still below pre-Lehman. More ammo for those who believe stocks are too cheap relative to where we are today.