The only negative for the market now is the sharp rise in bond yields (which will bring 30-year mortgages above the 5% range) and the rise in commodity prices. Gasoline futures are now pointing to $2.30 per gallon for regular, 13 cents above current levels that are already 55 cents above their December low. Of course rising interest rates and commodity prices come with a recovery, but I would be happier if oil (now $58) stayed below $60.
Jeremy Siegel, 5.11.09
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