i found this quote from Barry Ritholtz on The Big Picture “The wild swings in the markets, +/- 2%, with violent up 200 or 300 point days don’t typically come in healthy Bull markets — these spasms are symbolic of Bear markets.”
Housing bust intact, credit crisis intact, nothing really changed today. Rick Santelli really nailed it on CNBC today, he basically said the FED rate cut is not going to impact the credit crisis one iota. Much like the dotcom bubble and the bursting of this housing bubble, the markets will be buyoed artifically till all the big players recoup their losses. Then joe sixpack will be left holding the bag. Day traders are having a field day though.
