From Martin Armstrong:
We still see the US share market rising sharply. The cash SP500 should reach the 3000 level. We have an important Monthly Bullish Reversal standing at 212342. Only an August closing below 193000 would be short-term bearish.
There remains no other game in town. With the lethal combination of the Sovereign Debt Crisis and the Cycle of War, the only place to park big money will be the private sector and that the smart money will choose equity while the so-called “conservative” will buy corporate debt, especially with corporate cash at record highs.
I’m on board with higher for now, with the caveat expressed yesterday on a second “taper tantrum” and the growing risk of a China accident in housing. 3000 is long way away, however, even assuming these bubbles always run much further than expected. This has the ring of James Glassman and Dow 36,000 about it…
