In his latest market update, Greg Mannarino states that the market pop in the wake of the 2 month fiscal cliff agreement is merely a relief rally that has no real legs. He points out that the agreement does absolutely nothing to address spending.
Mannarino states that the Fed’s $85 billion in monthly counterfeitting to monetize the US budget deficit will steal purchasing power from Americans. Mannarino states that the US ratings agencies will face massive pressure to downgrade the US in 2013, which will result in the busting of the US debt bubble will burst in 2013, and force massive amounts of cash into commodities and physical precious metals.
Cash is going out of style, buy phyzz!
Full update below: