Major US indices will be about 40% higher at the end of 2008. I am basing this on the S&P projected earnings of $101.24 and the current 10yr bond yield.
So easily gulled. Four days into the year, and everyone figures it's doom & gloom from here on out. Fighting a lowering Fed in an election year, especially given the Chairman was hired by the guy in the Oval Office, is beyond suicidal.