Wow, first Kudlow & Co. and now I'm watching Cramer talking about hitting bottoms today. Earlier today, I looked at the technicals on the Dow, NASDAQ, and S&P, and thought to myself 'it's gonna bounce tomorrow.' My guess is 3-4 sessions going up, followed by another drop back to the Bearish trend by this time next week.
I don't think this Bearish cylce is over. Everyone is still rambling on about what the Fed is going to do next, although I think they're finally getting tired of it. People are all over the board on whether Big Ben Bernanke is going to raise rates one more time, but the more recent forecasts believe he's going to do it. I don't know, but it's starting to look like I grabbed my 30-yr bonds at a pretty good price.
Meanwhile, I see the high-paid money managers and analysts on K&C saying they would 'buy' tomorrow, and Jim Cramer opens up talking about 'bottoms' while showing a pic of J-Lo sporting some jeans. He's blaming the whole Bear market on Ben & the Fed, but I say Ben inherited the recession (say, haven't we heard something like that before?). I hear a joke originated at a trading desk in Canada about the death of Abu Zarqauwi, saying "They got the wrong guy!" next to a picture of Ben Bernanke. They've been upset for over a year, now it's turning to hatred! Love hurts, eh?
I've opened up a game on MarketWatch's Virtual Stock Exchange. It just started last Thursday and is on until the end of the year. If you're interested, email me and I'll send you an invite.