Very possible, although the market is more likely to trade sideways rather than trading in bull mode.
-Profit margins are still under pressure
-Labour markets are still dwindling thus rising unemployment
-Trade deficits are balooning and our internal debt to other nations is increasing, the Euro and US situation is vastly worse.
I see some form of continuing bullishness in the commodities and debt markets. The latter is more likely to run out of steam as debt growth profile is unsustainable in comparison with asset/capital growth.
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