The Lehmann Letter (SM)
Stocks are down again this morning.
Lately the stock market has fallen to a level below its 2000 peak: The market has fluctuated in a range for the past decade. There’s been no progress.
S&P’s downgrade of U.S. debt is the proximate cause of this morning’s rout. But keep the big picture in mind: Stocks rode margins upward since the trough of the 2008 recession, and are now suffering because there’s little hope of rising sales volume.
© 2011 Michael B. Lehman
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