【业界观点】谢百三:上轮牛市和本轮行情的共同点和不同点共性之一:都是政府推动的。
2007年的大牛市,其实起源于2005年5月初,中国决定实行股权分置改革。温总理听了中国证监会汇报后,于2005年4月下旬表示,过了“五一”节就改革,据说,他当时还说:改得成功不成功,就看股市涨不涨。
而本轮起于1660点的牛市也是政府全力支持下发生的。例如:股市还在2900点[
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StrategistsKeep2009S&P500PriceTargetat949
TheWallStreetstrategiststhatBloombergpollseachweekhaven'tchangedtheiryear-endS&P500pricetargetssincemid-March.Butbydoingnothing,theircollectivepricetargethasgottenmuchclosertotheactualleveloftheindexsincethemarkethasralliedsomuch.Atthestartoftheyear,strategistsasawholewerelookingforayear-endS&P500priceof1,049,whichwouldhavemeantagainof16.2%...[
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ThisChartCanKillAnyBullbyPaulLearton
Thisbearmarketisnowherenearover.SinceitsMarch10lowof666,theS&P500hasralliedmorethan20%.Punditsandmediacommentatorsalikehavetakenthistomeanthatthebearmarketisoverandthatstocksshouldonceagainbetheprimaryassetclassforinvestors.Noneofthemknowwhatthey’retalkingabout.Overthelast18months,themediahasbeenrifewith“bottomcallers,”allofwhomhavenotonlybeenwrong,b...[
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CharlieMunger:'We'veScrewedUp'byPaulKedrosky
Fromanewinterview,Berkshire'sotherguy,CharlieMunger,talkstoughaboutlife,theuniverseandhowscrewedupwe'vemadethings:WorsethantheGreatDepression?Theeconomyhasn'tcontractedasmuchasduringtheGreatDepression,butthemalfeasanceandsilliness,thetriggeringeventsfortoday'scrisis,weremuchgreaterandmorewidespread.Inthe'20s,atinyclassofpeoplewerefinancialpromotersa...[
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LookingatthesupercycleofhowmanyouncesofgolditcoststobuytheS&P,andprojectingintothefuture,indicatesthathedgingbybeingshorttheindexandlonggoldshouldpayoffveryhandsomely...atsomepointinthe2015-2017period.Chart2superimposesthecurrentcyclewiththepastcycle-similarities?
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Already,the"greenshoots"offutureinflationaresproutingforthinthecommoditiesmarket.Basemetals,energy,grains,andfertilizerarecharginghigher,spurredalongbyChina’sgreatsuckingsound,asBeijingpursuesamajorefforttostockpilerawmaterials,withpriceshoveringnearmulti-yearlows.Beijingisspending4-trillionyuanoninfrastructure,tobringitsroads,ports,airports,power-generationcapacityandotherinfrastructuresyst...[
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IstheU.S.DollarHeadedforaMightyCrash?PartIbyGaryDorsch
Eachmonth,theUSTreasurypublishesitsInternationalCapitalaccount(TIC)whichforeigncurrencytradersandbonddealersusetogaugetheflowsofmoneyfromaroundtheworld,intoandoutoftheUScapitalmarkets.Thedemandforanation’sbondsandstocks,combinedwithinternationaltradeflowsforgoodsandservices,plusbehindthescenesinterventionbycentralbanks,allactinconcerttoin...[
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WildMarketSwings,2007-2009byMarketFolly
GreatchartbelowfromTheChartStorethatillustratesjusthowvolatileandseesaw-ishthismarkethasbeenoverthepast2years.Therehavebeenrapid,massivedeclinesandequallymassiverallies.ThecurrentrallyfromthelowsinMarch2009extendsover39%.Maybeweshouldhighlightcontrariansignalsmoreoften,aswedidbackinearlyMarch.Thosesignalswehighlightedturnedouttobeagreatbarometerforashort...[
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TreasuryYieldsWillContinuetoRisebyCalafiaBeachPundit
TheFedistryingtofightaforceofnature—thebondmarket—andtheyareboundtolose.Purchasinglong-maturityTreasuries,mortgage-backedsecuritiesorcorporatebondsinanatttempttokeeptheiryieldslowisaself-defeatingstrategy,sinceatsomepointitwillsupplyunwanteddollarstotheworldthatwillfuelinflation.Ultimately,inflationandinflationexpectationsarewhatdrivebondy...[
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UpdateonU.S.DebtandFedAssetsbyRolfeWinkler,CFA
PublicDebtOutstandingisapproaching$11.3trillion…Clickcharttoenlargeinnewwindow…andfearsaboutthisgrowingdebtburdenhelpeddrivethedollartoa4-monthlowtoday.Biggercontributorstothedollar’sfallincludedcommentsfromtheBankofJapan,whichsaiditwouldn’tpropupgreenbacks.Also,S&P’snew“negative”outlookforUKsovereigndebthadBillGrosscommentingthat“even...[
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