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The Newseek cover you see above is from the March 30, 2009 issue. On that date the S&P was trading near 780 versus its current level of 1080. While I don't expect another 300 point rally from here over the next six months, I do think that the still bearish condition of investor sentiment is telling us that the trend during that time, and through all of 2010, will be upward.
Carl, perhaps you will enjoy this little anecdote of crowd behavior, which your post reminded me of:
ReplyDeletehttp://g-rahal.blogspot.com/2009/11/crowds.html