Back in September the peaks worthy of attention were those of Cisco, the Nasdaq, the Dow, mutual fund assets, turnover rates, and margin debt. Suffice it to say, since that time not much has changed in equities.
Today there are some different peaks to consider.
To begin with, the U.S. savings rate may have just struck its inverted peak. Steep drops in consumer confidence and the shaky U.S. equity markets highlight the need for Americans to save more. This could potentially be bad news for market bulls because if more Americans begin to save this means that less money would be made available to the markets. Conversely, perhaps keeping the good times rolling for a little bit longer, investors have further interest rate cuts to look forward to, along with an undecided sum of tax cuts. The manner in which this added liquidity is deployed will ultimately determine the future gyrations of the savings rate.