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| | Market Observations |
 | | At least as far as the presidential cycle is concerned, if indeed past is prologue, we have to believe investors would be anticipating more than just modest gains. |
 | | In other words, any chance for a real simultaneous cycle upturn, or multiple cycle upturn, in the months ahead, at least from our viewpoint, would not be led by defensive sectors. |
 | | As we mentioned, if the residential real estate cycle continues to deteriorate, which is a much better than even money bet in our eyes, the Fed will have little choice except to pull the same reflation rabbit out of the hat once again. |
| www.contraryinvestor.com /mo.htm (3182 words) |
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