He says we can pull back 22% from 1098, but we still might run to 1100 or 1200. Other than the waffling, it's not a bad read.
But don't get too bearish here. There still is a lot of underperformance anxiety by fund managers who didn't buy.
David Rosenberg and Nouriel Roubini won't save them, no matter how many times they poke their heads on CNBC!
Jeremy Grantham Quarterly Letter, Q3 2009