I spent the morning getting acupuncture.
Its quite amazing really. If you can get past the idea of laying on a table with needles stuck in various spots all over the body, you would lay there and fall into an intensely deep sleep. I am still groggy. I must say it is incredibly refreshing.
So, looking at the DOW and S&P I am shocked. It is one fickle little market, is it not. In a sense its disconcerting to see such emotional instability out there. When its good, its like a house propped up on toothpicks. When its bad, its a caved in coal mine.
So the rally is attached to a surprise profit of several billion for Wells Fargo. So now investors are saying they believe that the banking sector may be stabilizing. Yeah right.
Reuters: Wells Fargo shocks market with big profit
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It's starting to look like a bottom has been reached. I hope so. Nevertheless, unemployment continues to build and the suffering goes on. If the recovery is like the last one then things aren't going to get much better even if the numbers look better.
Did you happen to see the story about the group of economists that believe the recession has a long way to go. This includes that guy from NYU I think its Roubini. Roubini has been dead right so far. Anyhow one of them sees the DOW going to 1,000. Can you imagine. I do not know how to take it. Believe it, don't believe it - what?
I just keep looking and trying to pay attention and gauge it as it goes. I have no special insight other than just reading the articles and hopefully getting decent information.
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