Most of us have been so wrong here, market wise, for so long, I would just like to lay out a personal story.

I just returned from a week in the USA's most populous city. The amount of construction going on throughout Manhattan is incredible, especially at the south end of the island. There is scaffolding everywhere.

In LA, where I live, the traffic is much worse now than it has been for the last four or five years.

Not everyone has a part time job. Something good is happening in this nation's two largest cities - I don't pretend to know what is happening in the rest of the country, but for about 20,000,000 - 25,000,000 people in these two megolopolises, things could be worse.