It looks like the stock market shed a lot of weight today. Why not? If Valerie Bertinelli can do it, who’s to say that it can’t be done?
Not only is Valerie looking great, but so is my market-timing adventure. After returning back into the red during last week’s amazing bounce, I’m back in black after today and yesterday’s equally-volatile plunge. While I’m sure there will be some continued volatility, the trend is bearish and I don’t think things are going to turn around anytime soon.
It also looks like many investors are realizing that we already are in a recession. Today’s alarming ISM Report may have convinced even some of the perma-bulls who’ve been living in denial concerning economic conditions. However, there are still those who want more evidence before capitulating.
An Associated Press article sums up things in a more enlightening format. An excerpt from that article reads:
“The ISM report is particularly alarming, said Bernard Baumohl, managing director of the Economic Outlook Group LLC. Because Americans will not pare back spending significantly on necessary services like health care and transportation, January’s rapid decline in service sector activity suggests that investors may have underestimated how damaged the economy is, he wrote in a research note.”
I tend to agree with that statement, but remember, I’m just a guy with an opinion. Let’s see where the market leads us for the rest of the week.
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