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[andiron]

so we have had massive rise in US assets (stocks/bonds/RE etc) since 09...the RE momentum will be there for a few yrs..believe case-shiller futes are forecasting 4-5 yr of price rise... But the US income/capita is down...and is on downward trajectory for quite a while..so the paradox will ulitmately be resolved perhaps w/ violent effects... The long long winter for US asset prices is ahead......from 70 Trillion household assets today to more rational $40-45 T.... Stock market may have few months of further back and forth...But we do have wkly breadth divergence first time sine 2007... so it could be that 2014-2017 bear market lies ahead......and emerging markets (the healthiest amongst global economies) have fired the first salvo....