If one was to price S&P 500 index in silver, not only is it overbought, but has broken the rating meter gauge... The market is irrational and the next selling bout is a few weeks away. If you follow biz cycles, earnings will disappoint sending this index down for another 18 months. The next strong bull will be around Mar/Apr 2014 after the bear extreme. The 2007 - 2009 bear pattern is already on the cards from Jul 2011.
I expect global markets to end 2012 lower kama NSE last year riding on hopium. Let's see how Mr Market will navigate the tape direction.
Happy investing...
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!