The main question is NOT how far will stocks grow

Speculators are changing their opinions faster than a cheetah running a hundred meters. On Wednesday were the stocks markets ruled by scepticism again for a change. Why?

Because one new nightmare of investors is putting its hand up. Information spread across the news servers that the European central bank (ECB) will be gradually limiting the extent of bonds buyout before it ends the Quantitative easing (QE).

It was clear that ECB can’t stop buying bonds for 80 bn. EUR from day to day. So far we knew that the QE should go on until the March 2017. The volume of bought bonds from ECB could be later on lowered in steps of ten billion euros per month. Nothing new. However, the average speculator stayed underwhelmed for a long time about something that should happen in six months.

And now it seems that it’s time to sober up. Suddenly, everybody understands that the flow of cheap money won’t be here forever. The main question is not how far will the stock markets grow. We should better ask how long will the stock markets stay close to the historic maximums.

When we look at the problems of Deutsche Bank, upcoming presidential elections in the USA, possible growth of the American interest rates and gradual tone down of QE in the Eurozone we are betting on the stock markets being lower than they are today at the end of the year...