Four stages if the typical secular bear market and its aftermath

“We have found that this ‘start of tightening’ phase coming out of a recession (such as 1994, 2004) always leads to a period of 2-3 quarters of struggling equities, including a double-digit correction. This is now morphing into a growth scare, we believe. Our earnings growth leading indicator still suggests strong growth in 2010, but we expect 2011 EPS growth to disappoint at 10% versus consensus expectations of 24%. In addition, leading indicators are peaking out and rolling over right now. This is typically followed by struggling equity markets.”

Tphase WHERE ARE WE IN THE TIGHTENING PHASE?

at 2/28/2010 Labels:

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