The caveat to my negative market sentiment explained in my previous post is the consumer spending in a big way.  While I am of the opinion that spending will continue to increase, it will be in a moderate fashion, we are not going back to spend free attitudes of the first decade of this millennium.

BTW, I am also of the opinion that the Auto Industry is due to go back to the trend line, i.e. 16M autos per year, not the 18M+ of last year.  After several years of very good sales, I think the pent up demand from the crisis will start to recede.  If my take is correct, I think this too will weigh on the market.