After yesterday's rally despite horrid economic #s I think we should get a bump today no matter what they #s are. It's actually quite astonishing how we continue to shrug off bad news and power higher under the (potentially) naive belief that we're going to end up getting a huge economic bump with all the Fed initiatives. Perhaps we will, perhaps, but history is not on the markets side, as much as prognosticators would like to pitch as being the case. The bottom line is that the stock market has not moved a single inch in the last DECADE. Wall Street journal the other day called the 2000s the "lost decade". And ,basically what's happened is that we've just had sector rotation, that's all. Look at tech as prime example and you'll see that the market hasn't moved up for sure, and in fact many sectors have moved down and at best sideways. IBM, a DOW bellweather (and tech) hasn't budged in 10 years! EMC is down 80% from its peaks, and DELL, INTC and MSFT and CSCO and dozens of others are less than 1/2 what they were 10 years ago.
The chances that we get this huge move up, no matter what the economy does, seems pretty unlikely. Regardless, this remains a TRADERS market and that's where we and you should be making your money! Forget investing, anyone who knows about making money will tell you you either trade this market, or make money elsewhere. You don't put your money in a wishing well market and hope it goes up. Hope may spring eternal, but I'd rather put my money into something a little more solid!
Futures are up on the thought that the market has bottomed no matter what the #s are. Today that is probably correct, but I still have this ominous feeling...hey, maybe that's the bottom!