So exhorts Time Magazine on its latest "black" cover for the April 3, 2006 issue.
Of course, global warming has little to do with the stock market. But what interests me is not the ostensible subject of the cover itself. Instead it is the fact that Time thinks there is a good market for scare stories among its readers. This is evidence of a prevailing pessimism among Time readers, pessimism that I think will not permit any sustained drop in stock prices during the mini-bear market I think we shall experience during the second half of this year.
Indeed, if my 2006 stock market forecast is going to be off base in any substantial way I think it will be because US stock prices rise far more this year than I am currently antipating.
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