By Chuck Gibson
Almost a year ago I said that the current tussle in the market was an epic battle. Back then we had an overbought, overvalued, and overly bullish market that was built on a poor foundation, versus the buyer of last resort, the Federal Reserve. That market should have rolled over, but we know what happened next as the Fed kicked off its asset purchase program known as QE2 pumping in $600+ billion into the banks. The markets went on a relentless tear far exceeding even the most bullish prognostications.
