Hopefully, a new high won’t happen soon. There are two choices:
(1) A 10-20% additional correction, taking us to mid-2013 levels on the indices.
(2) Another bounce to unrealistic valuations and then 50-60% down a year from now.
Corrections are healthy and normal. Best possible choice would be (1) followed by a flat market for years or a very slow melt-up. We need steadiness and predictability, not a constant roller coaster of speculative bubbles.
