Thursday, March 5, 2009

The Daily Show with Jon Stewart all over Stock Market

A bevy of clips from Jon Stewart last night making the rounds - hey if you can't laugh you must cry - the 3rd clip includes Joe Nocera who we just cited a few days ago in the AIG piece [Mar 1: New York Times - AIG: Propping Up a House of Cards] Apparently Rick Santelli was supposed to be the original guest but was pulled by CNBC (rumor) [Rick Santelli Speaks for the Silent Majority]

As for the market - yikes! Very little to talk about in terms of individual stocks - we are just waiting for the world to end here... Citigroup (C) fell below $1 for the first time ever... etc etc. I'm bullish here for a nice move up sometime in the next 2 weeks as extreme levels of fear, loathing and pessimism are making the rounds. But the next 2 hours or 2 days are the issue ;) Remember, we said 2009 would be a ping pong between hope and reality. Now the market is facing reality - and it is not pretty. I got caught in yesterdays late day reversal so today I know what it feels like to be a sucker mutual fund. We are now at the same divergence from the 200 day moving average as the worst period in November 2008. Any lower from here and we make new history... with recent lows broken the next place people point to is S&P 660.

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