Fear

S&P downgrades the US bond and it's UP on the day with the Dow down 550 with an hour and a half to go.

that's called "flight to quality". out of equity and into what's "safe" in the short term. seems like the S&P "mushes" getting the respect they deserve 

I've been saying it for 6+ months now....If the stock market is a forward looking indicator, I am not sure what the hell it saw that it liked to cause a rally like we had.

Bottom line is this:  I dont care what the official defintion of a depression is.  I also don't care what a recession is defined as.  We are and have been in a borderline depression/deep recession for some time now.  This double dip bullshit is just that.  You can't have a double dip if you have been mired in the initial depression/recession all along.  Everything I see at the bank day in and day out screams horrible economy.  If you really get past the bullshit spin that the administration tries to put on shit, this economy is in horrible shape.

I do not know what will help any recovery to begin becuase things are so inter-connected now that something like a disaster of a housing and jobs market is very far-reaching.  I think we are in for a decade of pain (starting 2-3 years ago) the more I look at it.

  You can't have a double dip if you have been mired in the initial depression/recession all along.

I think we are in for a decade of pain (starting 2-3 years ago) the more I look at it.

I think it actually goes back further. the "tech bubble" burst shortly after George W took office and that was the historical TOP of the NASDAQ. also outsourcing manufacturing to Mexico and esp Communist China really accelrated in that decade. millions of workers went from a good middle class wage with benefits manufacturing job to "Welcome to Wal-Mart" and "Do Yo Want Fries With That Order?"

also energy costs were relatively low, if not downright cheap, in the 1990's and went nuts straight up in the 2000's. I think a major reason for the current "stagflation" was actually the energy price spikes. can't think of too many industries that weren't effected by that with auto manufacturing, because the SUV and large pickup truck market fell appart, and transportation being really clobbered.

and with the current "He said, She said BULLSHIT" (to quote Limp Bizkit) in Washington, I see NO recovery in the near to intermediate future.

going into the last hour and a half, it looks like this oversold "rally" is going to FAIL.

IF that happens, 2008 could look like Kinder Scheisse the next few days  

Ya. "now the turkeys are running to the other end of the yard"

will see IF it holds the last half hour

"key reversal" today, walls? the interday action has all the technical signs BUT could just be a "caught the shorts speeding" oversold rally too.

IF it's the "key reversal", the market will be up BIG tomarrow. if NOT, it will open up some then float back down.

The Wizards behind the curtain on Wall Street.