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Friday, March 7, 2008

Omens Of Things To Come

The bleeding stopped this afternoon, at least for a while. The Russell 2000 was the closest to it's panic lows, and came within 5 points today. It rallied briefly, stopping at 666 (I hope that isn't an omen).

The jobs report this morning was more of the same of what we have been seeing in recent months. High paying jobs disappearing, low paying jobs replacing them (other than Government jobs. Wait, aren't the Republicans in favor of smaller Government?) I am getting tired of listening to the debate on whether or not we are technically in a recession. When jobs are vanishing, it makes little difference to the debt-ridden newly unemployed. We need a sound economic policy, not "goldilocks" cheerleading.

The Nasdaq broke the Jamuary low right at the open, but stayed strong most of the day and finished higher.

The SPX never came close to 1270. We still are not seeing the panic selling that usually means we are close to a bottom. We are at very high levels of short interest again, so we may well have some covering early next week.

The financials broke the January low at he open, but like the Nasdaq, finished strong. I was watching CNBC this morning and must have heard the anchor asking guests 3 times "shouldn't we be buying the financials here?" Sure, if you like losing money.





I actually like John McCain, but he is dangerously ignorant when it comes to economics.

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