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Debt Burden to Weigh on Stocks

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"A survey of six leading Wall Street stock strategists, ordinarily a bullish bunch, shows them on average forecasting the Standard & Poor's 500-stock index at about 1033 by year's end," the Wall Street Journal observes.

We think we've discovered the problem here; the Journal notes that this group of economists - "ordinarily a bullish bunch" - are predicting an additional 2% gain for stocks into the end of the year, capping off an 11.8% gain year-to-date... this, painting them as gloomsayers. Perma bears!!!

The reality is that as long as mainstream financial media views 12-13% per year gains for stocks as "conservative," we have a long, long way to go in terms of adjusting expectations downward.