Tuesday, March 10, 2009

Everybody Says Bear Market Rally

  • Everyone knows today was a countertrend rally.  Just a bear market rally. Everyone knows we're going to revisit these lows.  Everyone knows we're going lower.  And everyone has been so right about this market, we should pay attention to them.  Right?
  • From CNBC to news websites and blogs, the consensus is that today was just another bear market rally.  Maybe a one-day wonder.  Maybe something more significant that last weeks or months, that retraces up to 50% of the bear market, then only to crash and revisit the previous lows and perhaps make new lows.  That's the mood out there.  Nobody believes that this could be "it."  Who can blame them?  The market has done this before.  Teased the bulls enough to create a false sense of hope, only to crash shortly thereafter.
  • Havne't seen IBD, yet.  My guess?  Day one of an attempted rally, and waiting for a follow through day on day 4 through 10.  Right???
  • Setting a bottom, or a bear market rallyHere a list of the 15 biggest one-day percentage moves on the Nasdaq.  Note that most of them come in a bear market.
  • Do you want to play guitar on your iPhone?  Check out iShred.   Oh, check out their Youtube videos.  Very cool.  As a matter of fact, embedded one!
  • The subject of talk shows today is President Obama's education reform, or taking on the school unions.  Merit pay for teachers?  I can't think it would actually happen.  Michelle Malkin wonders if Obama is sincere and wonders if it's a bunch of hype.  She put up some links following the news today, oh boy.  My thoughts?  Definitely need merit pay and competition in schools.  Although, I don't think we need to spend much more on schools than we are now. Obama said it best himself today, that maybe parents need to tell kids to turn off the TV and video games.
  • Dancing with the Stars?  Uh... I was looking forward to Jewel, who is out with the injury.  YIKES.  I don't have a favorite yet.  Although the Bachelor reject girl, Melissa Rycroft, was working for me.  And that dress?  Hoo.  Indeed. 
  • I missed 24 because of DVR contention, so I had to pick one show to watch live.  Had to be Dancing with the Stars so I could multitask in-between the boring stuff, and learn how to play "Picture Book" (The Kinks) on the iPhone.  LOL.