DOW 20,000 in 12 Months

Forecaster James Finucane calls a “V” bottom in the US market. His logic:

  • Bear Stearns crescendo just like panicked bailouts of 1970, 1984, 1987, 1998, etc.
  • Everyone’s bearish.
  • Alan “I’ll say anything to save my reputation” Greenspan saying “worst financial crisis in my lifetime.”
  • 9 straight months of equity mutual fund outflows (a record)
  • Consumer confidence at lows
  • Individual investor bearishness at highs
  • Central banks in complete panic, will do anything to save growth, esp. in election year
  • Etc.

Finucane’s guess is probably as good as anyone’s. We’re significantly more cautious, but hopefully we’re wrong. More at Barron’s…

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