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Are Stocks Ready to Blast Off?

For those like myself who believe the stock market is on the rebound, please go to Calafia Beach Pundit, a blog site run by the very smart free-market supply-sider Scott Grannis. He has a blockbuster chart suggesting a huge rally in stocks.

It’s based on the fact that the two-year swaps spread in the bond market has fallen significantly and is closely related to stocks. His chart suggests the S&P 500 could rebound to 1,200. That would be roughly 20 percent above today’s level.