Carlyle Capital margin call, Bear Sterns lost of confidence, bad retail numbers and news of 20% job cuts on Wall Street, YEN is now at its highest level in 13 yrs are some of the news that are pounding us this morning. The news is nowhere good and that's why I am a perma bear long term. Yes we will get the bear market rallies but come on we heading lower much lower.
In the next few months most stocks will have made 52 weeks lows and many will make multi year lows. The FED is powerless against this spiral and SHOULD not try and help the markets as bear markets and recessions are a natural process of cleansing, just like we have natural disasters such as hurricane which are nature cleansing phenomenons.
Well for today we will see how far the gap us down. I would love ot see a huge gap down in certain stocks so I can play the bounce for the day but today if we dont bounce hard enough the bears might take it to the bulls and drive us way down.
I will be watching the financials closely today for reaction. Expect a big spike in SKF, wish I had step back into that play, oh well! that's how it goes.
Good luck
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