Can't Drag The Market Down

The last several pieces of bad news have simply been absorbed by the market. Worst jobless numbers, automakers about to go bust... oh, so what, we don't care... WE WANT TO RALLY!

So on the day where we should have dropped a thousand points because the senate said "No cash for you", not to mention the Madoff ponzi scheme that bilked folks out of 50 BILLION dollars and the SEC never noticed, we opened way down and then rallied the rest of the day with the usual swings along the way.

Beware though... when every guest and talking head on the financial channels is saying "We've seen the bottom, it's time to start buying bargain stocks...", you have to be careful. This is a bear market folks. It doesn't just go down, hit a bottom and go right back up. Did I share this on the blog before? Check out the link, it's pretty funny, interesting and a bit worrisome.

Notice the stock chart and when each statement was said versus where things ended up.

http://www.gold-eagle.com/editorials_01/seymour062001pv.html