The End Is Far

(1) From near to far. (2) Nothing to fear but fear. (3) At 14.3, P/E is back to spring 2010 high. (4) If the end isn’t near, then P/Es have been too low. (5) Irrational exuberance or rational rejection of the Endgame? (6) The last correction was insignificant. (7) Averting the fiscal cliff was bullish. (8) Income shifting last year boosting federal revenues this year. (9) GDP passing the stall speed test. (10) Draghi passed a couple of tests earlier this year. (11) Hard-pressed to see hard landing in China’s numbers. (12) Focus on underweight-rated Energy sector.