Monday, June 09, 2008

Equity markets back to fair value

With the Lehman and monoline insurers spitting up, things are making more sense to me. We could be entering the 8th inning of the credit writedowns.

I'd be surprised if the S&P 500 trades below 1300, but I've been hearing a few projections that we will retest March lows (at 1250). That's 11,600 in Dow-speak.

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