Formation Of Long-Term Top In Stocks Remains Likely
Erik McCurdy | Jul 30, 2012 12:40AM ET
The S&P 500 index closed sharply higher for a second straight session on Friday, spurred by the recurring hope that Europe is on the verge of “solving” its sovereign debt crisis. This hope is, of course, misguided, because it is impossible to solve a historic magnitude of the operations that have already been undertaken during the last four years. In spite of the optimism that continues to be exhibited by the mainstream view, stock market risk remains at a historic extreme, warranting equally extreme caution.
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