UBS aiming for 1020 as the possible downside target for sp500. In spite of the bearish call “don’t sell” is the UBS call ie simply a cyclical bear within the secular bull.. which mirrors my own view given the monetary ‘strategy’ which will be employed. (ie MONEY PRINTING). The UBS view, in summary, is that we are close to an ‘important tactical low’  but that this bear may be ‘complex’ and last well into 2012.

 UBS-Weekly13-09

I’m in the mountains.. report more meaningfully very soon.

All the very best..

Rich

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