And I though President Obama was going to outlaw torture when he took office. But ever since he arrived in the Whitehouse it has been nothing but bad news and the market does not like his stimulus plan or the banking rescue plan. The new fear is the nationalization of the banking system. It has brought the market straight down and as 2009 starts off it looks like the “lost decade” as we are now at the lowest levels in the new millennium.
But short term, I think the bad news is behind us and we can expect at least a “dead cat bounce” off the latest low of 755 for the S&P 500. I expect at least a 10%-20% rally that could last at least a couple of weeks.
