Summer is near its end; time to ponder where the market will be headed next. After almost 50% rally since March, the market has gone too far ahead of the real economy, in my opinion. Every recession is different, but with jobless rate sure to go higher and no real demand from the consumption, the history may repeat itself: this does not bode well for the market, especially after a big housing bubble.

(click on the graph to watch the video; source: FT)