THE HOT NEW MEME: 2012 Is 2011 All Over Again

This chart was in Albert Edwards’ note this morning.


Photo: SocGen

The drumbeats on this one are growing louder and louder.

The early-year rise in oil/gas prices is another reason people are drawing parallels.

And then there’s the economy.

A year ago, people were thinking that the data looked to be confirming a real breakout, and then it rolled over.

Here’s a 1-year look at Citi’s Economic Surprise Index. We’re at peaks we saw about a year ago.


And then — and this is related to oil prices — the tension is brewing in the Mideast, just like this time last year.

The good news: There won’t be a debt ceiling fight this summer: Just a more garden variety political circus.

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