Friday, September 15, 2006

Dow should open above 11600 this morning

and may touch 11700 before the close.

CPI data is easing nicely. Hysterical bears who still have a little margin left in their accounts speak of CPI understating inflation, and therefore useless and a government conspiracy beyond Oliver Stonian proportions.

I begged, begged, begged you bears to tread carefully. Hopefully you listened, and are wealthier for it.

I believe that the best range of consumer inflation is 2-3%, and GDP growth 3-5%. We are awfully close to that now, there is very little volatility in the data, and never in history has it been this good.

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