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March 10, 2009

Photos of Happy Traders Again!

Posted by Gordon Smith

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):

A bottom will occur when there is a lack of interest in attempting to call a bottom, or there is a belief that a bottom is nowhere on the horizon. Unfortunately, we are still not seeing the despair that is usually found at major market bottoms.

Huh?

Actually, I don't see anyone calling this rally a bounce off the bottom. Here is one that is close, though:

“If we’re not at a bottom, we’re a pretty close,” said Michael Binger, Minneapolis-based fund manager at Thrivent Asset Management, which oversees about $60 billion. “It’s time to start putting money into stocks. Stocks are cheap and worldwide stimulus will eventually help lift earnings.”

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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