I couldn't agree whith you more. Yes we do have a few reasons to be happy. and one of the biggest changes is as simple as attitude. A few green days, a few green accounts makes it easy to get real happy. But I am afraid we are a long ways from out of the woods. I think we will correct down just as fast and radical as we did up.
Thankfully we have enjoyed several days of no real bad news. Just the absence of bad news is in fact great news. for the most part our tax challanged treasuary leader seems to be,,,,,, well not absent, but very quiet. Up until a few days ago, his babbleing lack of information has done far more damage than good. ( some would believe this was done on purpose. Create fear and suddenly people get real cooperative.) On one side of the equation, this is a good thing. However on the other, it is not good. I really do not think he will be with us for an extended period of time. In fact I really believe the only reason he is still here is because his departure would reflect very badly on the President who pushed him through, and proclaims to have all the faith in the world in him. My money says they are already very quietly looking for his replacement. Just to be prepared.
Lots of bad news out there remaining to come to the surface and have an effect on the market. As for the uproar about AIG and ML "bonus'" it is little more than the ultimate smoke screen. Everyone wants someone to blame, take their frustrations out on, brow beat ect ect. And what better smoke screen than to rally around extracting a pound of corperate flesh.
Who signed off on the deal? Sen Dodd, yet he let it hang out their until he could no longer deny it. Then he says he didn't know there would be future bonus' give me a break. And this guy is a senator representing people of this country. Not to mention on the banking committie.
The problem is that the crooks are in the house as well as outside.
No this is far from over and reality will hit the fan. And when it does I hope we all have rain coats, because it will be flying everywhere.
However I will say, by all means enjoy it while it lasts, and take every penny of profit you can. I hope you are better than me the last couple of days. Trying to out think this market and getting into the wrong things, combined with getting out way to early. My God you would think I have never traded before. Like a little kid piddleing down my own leg. Thank God there is much more to life.
Just a few random thoughts.
