Is History Repeating … Or Throwing a Head-Fake?
Chart courtesy of Tom McClellan of the McClellan Market Report (via Mark Hulbert)
Hulbert notes that the chart “has been making the rounds on Wall Street.”
On the other hand, Martin Armstrong predicts that a worsening economy – and bank deposit confiscation – in Europe will cause people to flood into American stocks as a “safe haven” for a couple of years.
And the Fed has more or less admitted that propping up the stock market is a top priority.