Courtesy of ZeroHedge. View original post here.
Which comes first, Dow 20,000 or Dow 5,000… and when?
DOW 20,000?
with Special Guest LANCE ROBERTS
Principal of STA Wealth Management
& Charles Hugh Smith & Gordon T Long
20 Minutes, 25 Slides
In Part I of this multi part series we ask Lance Roberts whether he sees DOW 20,000 or DOW 5,000 ahead, and when?
The economics and fundamentals overwhelmingly suggest the US equity market is now being driven solely by Federal Reserve liquidity injections.
The only way Lance can see DOW 20,000 is to see the market as being in stage 3 of a classic 'blowoff' market cycle:
- Phase 1: What Bull Market? Just A Bounce Before The Next Crash.
- Phase 2: I Missed The Bottom So I Will Wait For A Pullback.
- Phase 3: Market Is Going Up Forever, Just Get On And Ride.
He argues convincingly that Bull Markets don't start from these levels and with these market metrics. His Economic Output Composite Index supports this view.
Listen as Lance kicks-off this discussion with Charles Hugh Smith and Gordon T Long, who share their views as the three go around the table outlining out their respective views (Part II – Charles Hugh Smith and Gordon T Long).
