The mechanics of gravity are "slightly" different from market movements...whether plotted on the traditional euclidian X and Y axes, or compiled into different statistical packages. My target for this year was 1320 for the S&P, and I thought this was pessimistic...and the proliferation of "the end is nigh" analogies such as the below makes me think that we may be in for a rally.
SAN FRANCISCO (MarketWatch) -- "Perched on the edge of a cliff."
That's how one economist describes the U.S. economy as the markets get ready for a busy week of data, including numbers about the already damaged U.S. housing market, orders for durable goods and personal income and spending.
"What we're looking for is confirmation that indeed the U.S. economy is slowing sharply in the fourth quarter," says Ellen Zentner, an economist at Bank of Tokyo-Mitsubishi UFJ. Zentner said that within a month, it could be apparent whether the economy is slipping into a recession or not.
"The U.S. economy is really perched on the edge of a cliff right now," says Zentner...