Schweizer

Global Stock Markets: Highs, Lows and What to Expect in 2009

It's pretty clear the pros aren't buying. They are selling to the usual victims with the help of the Wall Street media.

The November low was a panic low and not a capitulation low. Capitualtion is when no one wants stocks, period. With the latest EPS forecast for SP500 earnings now at $42, and a Bear market bottom of a PE=8 (based on the last 4 big recession bottoms), the SP500 could/should see 42 x 8 = $332 in 2009. Perhaps we will see capitulation then.