Closed End Income Funds are starting to roll over to the down-side... at last...
After spending the last two years TRAPPED IN THE CONUNDRUM...!
With the catastrophic events of 2005 GREENSPAN'S CONUNDRUM may finally be resolving itself... Of course it is nothing like the INCOME CRASH of May 2003...when the tightening cycle began... Still, My hunch is that Greenspan will have to greatly overshoot on Fed Funds to move the bond market enough...to accomplish a slowdown in the economy and in the asset inflation especially in housing.
It's really a miracle that stocks are holding up as well as they have... And when the Dow approaches 10,000 will Plunge Protection hold...? Many will buy Dow 10,100 in hopes of Plunge Protection kicking in...and it could be a self fulfilling prophesy...
But at some point the Dow will cross 10,000 yet again... This is just not a market you buy...with 2006 and all of it's disasters looming!
