When the Dow goes up over 5%, we get photos of happy traders!
That's much better than this guy ...
Of course, today's bump provokes the predictable discussion of whether we have hit bottom. Not yet, say some. If you are looking for signals of a market bottom, try here. But this is my favorite bit of analysis (written yesterday):
Huh?
Actually, I don't see anyone calling this rally a bounce off the bottom. Here is one that is close, though:
I am with Binger. Last week, when people started talking about Dow 5000, I assumed we were close to the end of the decline. That was just crazy talk. The depressed cousin of this. We will bounce around for a bit longer, but it's time to get bullish again.
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1. Posted by fedgovernor on March 10, 2009 @ 17:36 | Permalink
Mark my words:
In 30 days, Citicorp will post a multi-billion loss for the first quarter of 2009 and its CEO will become the poster boy of the end of capitalism in America.
Woe be unto anyone who bought this POS stock based on this charlatan, who clearly is merely buying time for himself to continue the executive looting of taxpayer dollars.
2. Posted by TaxRascal on March 11, 2009 @ 9:17 | Permalink
It's true by definition that the bottom is when people are most pessimistic. If everyone is pricing in another 20% drop, and then they decide that the drop will be only 10% after all, the market will rise; if Binger's view is sufficiently popular, we can't hit the bottom because people like him will keep pushing prices up. It's only when he gives up or runs out of money that the selling would stop and the market would rise.
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