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The Morning of February 23, 2009
Stocks Set to Rally After Waterfall Decline: John Dorfman
A recession usually ends three to nine months after the stock market hits its low. Many economists are now talking about a recession stretching through 2010 and perhaps into 2011. Although that scenario is possible, the stock market suggests that the country’s economic contraction is more likely to bottom out in late 2009.
I'm reminded of the year 2000. The stock market suggested that the economy was ushering in a new permanent level of prosperity never before seen in the history of mankind. The stock market sure knows its stuff. Only fools would bet against its omnipotence and all-knowing ways.
Later that Day
U.S. Stocks Fall, Sending Market to Its Lowest Close Since 1997
The S&P 500 lost 3.5 percent to 743.33, its lowest close since April 1997. The six-day losing streak in the U.S. stock benchmark ranks as its longest since October. The Dow Jones Industrial Average tumbled 250.89 points, or 3.4 percent, to 7,114.78, its lowest since May 1997. The Russell 2000 Index lost 4 percent.
Behold the stock market victory salute. Ours is not to question the supreme financial being. Sacrifices must be made. Remain blissful in its almighty splendor. Better times are coming. Stay invested. Keep the faith. Faith is the spirit.
It's just a one-fingered victory salute.
May 3, 2001
Keep the faith. (Larry Kudlow)
BETTER times are coming for the stock market and the economy according to a number of market-based financial and commodity indicators.
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Though full economic recovery probably won't appear until next year, it is likely that a sizable stock market rally has already begun. As is always the case, stocks lead the economy by six to nine months.
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Better times are coming. Stay invested. Keep the faith. Faith is the spirit.
The bull market in sarcasm and heckling continues.
Real Estate Newsletter Articles this Week: Existing-Home Sales Increased to
4.15 million SAAR in November
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At the Calculated Risk Real Estate Newsletter this week:
[image: Existing Home Sales]*Click on graph for larger image.*
• NAR: Existing-Home Sales Increase...
12 hours ago
6 comments:
Stag,
The S&P 500 lost 3.5 percent to 743.33, its lowest close since April 1997
Wow! 12 years of losses. It's even worse if you were averaging down year after year.
I know most feel poorer, but I'm trying to find a silver lining.
Hey, maybe the whole 1997 thing makes people feel younger!
mab,
I know most feel poorer, but I'm trying to find a silver lining.
I'm game!
The stock market has outperformed my 1996 Camry! I could not even remotely sell it for the same price I paid for it.
Woohoo!
I feel the need to point out that the car was not really bought as an investment. It was a luxury item that allowed me to travel without having to walk or take the bus.
Someday taking the bus might be considered a luxury. It is in some countries right now.
Even walking might be considered a luxury someday. It can be really hard on currently cheap imported shoes. Yeah, I've hoarded cheap Costco sneakers as well. Sigh.
I live about three miles from the grocery store. If all the expenses are factored in, it currently costs about $3 round trip to drive to the store. There are some workers in China who would accept $3 for a full day's work.
The most merciful thing in the world... is the inability of the human mind to correlate all its contents. - H.P. Lovecraft
Wow. I sure strayed from the silver lining topic. Sorry!
In 1989 we sold our old Land Rover for pretty much what we'd paid for it in 1974. Now that was inflation.
dearieme,
In 1989 we sold our old Land Rover for pretty much what we'd paid for it in 1974. Now that was inflation.
Wow! That was inflation!
I'm assuming you didn't install a granite dashboard and/or the hedonic pleasure of the vehicle didn't skyrocket in some other undisclosed manner. ;)
Nah; we'd only put free-wheeling front hubs on it and bought a roofrack. Except that we'd also devised a way of using small wooden wedges to lock it securely against any miscreants who happened to be weaker than the average seven year old boy.
dearieme,
I devised a way to stop even strong miscreants from stealing my car's tire chains while I was snowboarding.
It was a subtle solution. I simply left them on my tires. It turns out that the weight of the car securely holds them in place, lol.
Seriously, some not so bright miscreants didn't factor that into their theft operation. They did manage to undo the chains, but the car put up one hell of a fight apparently.
Some might have been angered to have to re-install the chains. I wasn't mad. I was just thankful I still had them, plus I had a really good laugh at their expense.
What could they possibly have been thinking? Approved traction devices would easily slide with a car sitting on top of them? Too funny!!
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