Thursday, October 30, 2008

Another Nasty Close?

It's 3:27 and stocks may be rolling over again.

Let's get a few weeks in around this level before we do anything crazy. Earnings have been bad, 4th quarter forecasts have been worse, and estimates for 2009 are probably way too high. And even if they're only too high by a little bit, estimates are going to go down a lot before they go up at all.

Will the real equity market please stand up? I don't think it can since the credit markets are still in charge. It's ironinc that it was so bad that LIBOR has come in 14 trading days in a row and it's still too high.


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