Jim welcomes back Robin Griffiths, Chief Technical Strategist at the ECU Group in London. While Robin believes the S&P 500 index could hit new highs from here, he sees it as overvalued and believes future returns will be very modest. He doubts the US market will crash, but could certainly see a bear market decline of 25%. Robin notes most of the buying in recent years has come from firms buying back their own stock with borrowed money. As to oil, he thinks it could rise to the $52 level but then is likely to come back to its basing area of $26-$30 a barrel. Robin notes that lows in most commodities are likely to be seen next year. However, he is bullish on gold and believes the low is already in. Also in this segment of the program, Ryan Puplava has this week’s Market Wrap-up, and Dan Steffens of the Energy Prospectus Group in Houston covers the energy markets with Jim.
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