The Laws of Financial Gravity

Market rally just misguided optimism

Bravo, well done, and quite a relief. But enough to signal an end to the 17-month capital attack that has blown up $50 trillion in market value and blistered many investors' professional reputations? Not a chance, as well-armed bears in police uniforms are just itching to give out tickets to investors trying to break the laws of financial gravity.

I'm sittin' in the choir while listening to the sermon. Can we get an Amen? Amen!

Catalysts for the rally were patently absurd. The kickoff event last Tuesday, March 10, was an announcement by Citigroup (C, news, msgs) that it had earned a profit in the first two months of the year -- as long as you don't count loan write-offs or other losses. That's like saying Death Valley is temperate except for the heat.

I certainly can't compete with that level of sarcasm today.