Through The Glass Darkly
For those focused on the market, we had one of our biggest gains yesterday:
Stocks in massive rally to bring Dow above 9,000
"NEW YORK (MarketWatch) -- U.S. stocks blasted higher Tuesday afternoon, wiping away a week's worth of steep losses, as the Dow Jones Industrial Average jumped nearly 900 points - its second biggest daily point gain ever - as bargain hunters flooded the market. Surging as much as 906 points just moments head of the close, the Dow industrials settled at 9,065.36, up 889.59 points, or 10.9%. With a notable late-afternoon "lack of selling pressure, the buyers began to ride in on their horses, and that brought in some additional buyers and short-covering," said Robert Pavlik, chief investment officer at Oaktree Asset Management. All of the blue-chip index's 30 components advanced, two-thirds tallying double-digit gains, with Alcoa Inc, gaining the most up 19.3%."
But the bigger picture is that the market is starting to settle down a bit. Again, I think we will have a recession for 6 to 9 months and things will start taking off late in 2009, just as long as we do not have Marxist in the White House.
~ 3 Wood
Seems to me that American Marxism has already begun and the guy I voted for begun it. If Obamanable Snowjobman takes power he will merely mire us more deeply in it. And so will McCain, only more covertly, and a maybe bit more slowly. But it's only socialism when THEY do it, right? Far as I am concerned we are up Trotsky Creek no matter who gets the freakin' paddle now.
~ The Spleen