NOTHING has fixed the banks, or fundamentals adversely affecting America. Instead we ahve changed laws (no mark to market), fictitious accounting (delaying fixing off-balance sheet debt) and had government bribe people to spend (cash for clunkers, housing tax credit).
The market is ridiculously over-valued, many companies have P/E ratios over 100.
The entire bull run of the market since August is funded by destroying the US Dollar value vs other currencies through reckless spending and converting private company losses into public owned debt.
I started re-entering short, sold gold miners Tuesday. I'll add to them the day SPX either starts o accelerate failing or SPX hits 1120.
Target is 10% lower before re-evaluating final target, whihc in next year or two is SPX 400.
All that matters is the US dollar, is the country going to lose control of it's currency falling?
Or will the currency start to appreciate.
Notice frm the graph, recently USD seems to be finding resistance to falling below 74.75
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