M-P

Is It Time to Buy? What History Shows

I think we are in a bear rally personally ... it's not a "free" market at this point ... it has a major governmental overhang that is changing the dynamics, which is why it's hard to play. One reason the market was up after the 533K job loss figure is that everyone thought it was bad enough for the government to step up the auto bailout and the fill-in-the-blank bailout. The credit card shoe will fall in the next few months, along with numerous other credit lines ... the government can create jobs, but it will take some time before the major corporations start hiring again - also, look at the wage delta between jobs lost and jobs created ... financial services jobs pay at the top of the scale - public works jobs do not. Add-in the delevering piece and I think we will challenge previous lows.