Tuesday, March 13, 2007
The REcapitulator believes the S&P will "correct" (readers will note I hate that term...is the market "incorrect" when some participants are long and some are short?) down to this level. We should then see improvement in June/July. If we do not, Greenspan's "33.3% probability", as if such precision was possible, of recession may turn out to be about 60 points too low.