Today, I'd like to talk about the outlook of the market.

 First of all, I've kept a bullish view on the market since the beginning of this year.
 And it does never change at all !!

 However, I feel the growing nececcity of being more alert and critical regarding market environments.

 That is why economic indicatiors reported cutrrently seem great at a glance,
 but fob off on the deteriorating real economy.

 Many people say about unployment rates, and worry.
 But, not only unployment rates but many others call attention to us.

 As a fundementalist, I'd like to focus on systemetic problem Korean economy
 has faced since the early 2000s.

 Among them, if pick up one, it would  be the bubble on real estates.
 It is the very time-bomb for our economy.

 And the time is coming and coming, I can feel.

 Even though I am a bullish position about the stock market, I don't think this trend
 will keep the same paces for years.

 I anticipate dazzling market fluctuatuations, instead.

 Over last several months, foreign investors obsorb Korean stocks like devourers.
 And, their position will keep the pace at least by the latter part of this year.

 But, I don't think it will be the same through the next year.

 They will, as I can not point the exact timing, leave korea next year.

 Sad to say, Korean stock market is, at the moment, under the hands of foreign investors.

 And, there is one thing we must understand.

 They are betting not on basis of optimistic view of our economy, but on the panacea effects
 of over-injected liquidity, which is the very weakpoint of our economy they are now capitalizing on.

 The bottom line is that the panacea effects can not be sustainable for so long.
 It will fade away as the interest rates have no choice but to jump up under the fear of hiper-inflations,

 Many people seem to worry more about deflation rather than hiper-inflation.
 I also think there stands almost no chance of hiper-inflation, because it is doomed to perish our everything,

 But, we need to take some actions, including gradually rasing interest rates.
 And it will touch the trigger of time-bomb.

 Ordinary citizens living in Korea have ever-shrinking sources of income.
 Many of them have thieir money captured in the name of bank loan, much of which is no-doubtedly for
 real estates.

 The gaps between the haves and have-nots ever grow and grow, and this phenomenon is epidemic across the globe.

 As a result, I believe global economy will back into a double- dip recession, inevitably.

 In conclusion, the stock market will be bullish by around the end of this year.
 But, as foreign investors go away next year, our market will be again bearish and more bearish than 2007.

 I think, that time is when we must find the real lowest point of KOSPI ......891 in 2007 is not yet believed to
 be the real.

 For years to come, we will see big chances and dangers at the same time.

 Be sagacious and be more vigilent than ever !!!