Happy New Year everyone. Well not for the stock market though you wouldn't know it from the "trillion dollar survey." A survey of various powerful money managers. A recap was given here.
http://www.cnbc.com/id/15840232?video=618866675&play=1
Good grief. In the survey 89% think the S&P will finish up for the year. 60% think it will finish up 8% or more. Only 2% think there is a greater than 50% chance for a recession!!!! 30% think the U.S. will be the number one performing market in the world!!! That is ahead of China which is 21%.
A couple of comments. There is no way the market can have a strong 20 to 25% run if that is the true level of pessimism (there is none). I coulnd't believe it. I can't believe I am saying this (again) but Cramer made a couple of comments (which I agreed with) on this and said he threw up his hands when he heard it.
Well so much for 2008....maybe 2009 will be better. (I am joking.....sort of)
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