The Puppet Masters Disappoint

Well the puppet masters couldn't make the dancing happen on Wall Street today. Tim Geithner our Treasury Secretary had built up the anticipation of his big event today for over a week and then he doesn't announce anything of substance. If you want to piss off or disappoint Wall Street, this is how you do it.

Unreal. Wall Street wants details, they want plans, they want action and all they got in essence was "We're prepared to do what it takes to fix things." Well that's what has been said for months.

Then we had Ben Bernanke getting grilled by the Senate and any time he opens his mouth the markets tank so that didn't help.

So, that led to a major down move today. The Dow lost almost 400 points to 7888.

Here's the situation... the last gasp of hope was for a grand plan from the Treasury. Now that we see nothing up their sleeve there's nothing left to hope for at this point. Earnings season is winding down and there isn't any good news anywhere to be found.

It still hasn't been confirmed with 100% certainty that we're in wave 5 down yet. But we're close to knowing for sure. If we are, the target area is around 6500 on the Dow.

If we have another bounce up coming it'll be rather weak. Personally I don't see anything that can push the markets up that much at this point.

Oh, the Senate passed the stimulus bill. Yippee. Now they have to work with the House to get a compromise bill together that both houses can pass and then get it to Obama. The hope is to do all of that this week.

Here's a bit of trivia... We keep hearing the term "a trillion dollars" being tossed around. We can grasp a million, a billion, but most people don't really grasp how much a trillion dollars is. So here's a way to put it into perspective.

If you go back to the beginning of our modern calendar, 2009 years ago (733,000 days ago) and you spend a million dollars a day, every day up to now, you still haven't spent a trillion dollars. A MILLION DOLLARS A DAY FOR 2009 YEARS AND YOU STILL HAVEN'T SPENT A TRILLION DOLLARS!

And our gov't has thrown approximately 8 trillion dollars at this economic nightmare so far.

Wow.