Review of my personal market diary over the past few months: 1)The Fed, ECB, BoE, BoJ and SNB will continue to print huge amounts of money, CHECK. 2)Earnings growth globally is slowing with GDP and we’ve seen the peak in profit margins, CHECK. 3)Election is over, DC doesn’t change, taxes are going up at exactly the wrong time, CHECK. An entry today: 1)stop saying “Uncertainty” as the only thing that is certain is uncertainty. 2)stop saying “fiscal cliff” as until market based solutions come to medicare, medicaid and social security, the can will get kicked all over the place and well passed any supposed ‘deal’ in the next two months. 3)Oh yeah, stop saying “kicking the can down the road.” Bottom line, the stock market correction is not over, earnings will continue to slow, higher taxes of any kind in 2013 will bring a US recession, central banks will print more money (but can’t prevent a cyclical bear market after the near 3 yr bull run) and 2013 will be the most challenging both economically and from a market perspective that we’ve seen in a few yrs. Stagflation here we come is my call. Buy the flation and sell the stag.