Stock Market 'Worse Than January'


Today's market (05/24/10)

CNBC is reporting that the stock market is in worse shape than the beginning of the year. Jack Reutemann, of Research Financial Strategies, was quoted as saying:

“The correction is not over at all; I believe we’re going down from here,” Reutemann told CNBC.

“The market is worse than it was back in January.”“The correction is not over at all; I believe we’re going down from here,” Reutemann told CNBC.

“The market is worse than it was back in January.”

Reutemann said economic factors such as unemployment, foreclosure and lack of small business lending are affecting the markets and investor confidence.

“And now the public and investors are scared to death with what they see as a continuing instability in our own U.S. market, and problems abroad in Europe, coming home to haunt us,” he said. “I think we’re headed for 900 to 950 on the S&P.”

Meanwhile, his counterpart on the show, Richard Sparks, senior equities analyst at Schaeffer’s Investment Research, gave this incredilby deep reply:

“You can’t shy away from the fact that there are significant issues in Europe…yet, we’re within a bull market and that downside shock will be solved by a continued upside move,” he said.

“We’ve been bullish since May of 2009 in regard to the market, partly because there is so much skepticism and so many people have not believed in this bull market.”

CNBC actually recruits commentators to give this deep and prescient analysis?

I just want to know two things: 1) what B-school Richard Sparks get his business degree(s) from and, 2) what hallucinagenic drugs is he taking. I have never in my life been into illicit drugs but, I have to say, his intrigue me enough to partake. It must be strong anti-depressants. Talk about going to your happy place.

Here is the link:

One Response

  1. […] You’re telling me! The US has 7 or 8 banks taken over on a weekend and 10% of US banks are on the “watch list” and stock analysts are spewing about how “we are in a bull market”. Please remember: Don’t look now! 775 Problem Banks and Stock Market ‘Worse Than January’ […]

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