Happy Groundhog Day

To me it's more like the Bill Murray version of the movie "Groundhog Day" as every day is the same, every day is painful and nothing ever changes. The Obama "bad bank" plan has now been put off for another week and we all know how much the market loves uncertainty especially when another unemployment figure is on deck for Friday. I guess they felt it was more important to to talk about CEO pay this week. Yes it's a problem, but it's not the real issue that we need closure on, it's the healing of the financial system. The stimulus plan is also running into substantial resistance and that will also be a serious drag as progress on that front has come to halt.

The futures are getting hit this morning and I fully expect us to start our journey to the November lows this week. Europe and Asia are down as London gets paralyzed by the worst snow storm in years and global layoffs are starting to really upset world markets.

As I predicted in yesterday's newsletter the usual suspects are being dragged out on the tube to call their fiftieth bottom. No value added and I feel sorry for the percentage of the public that actually listens. It's getting silly, but there is no shame. Good luck this week and trust nothing, especially the pundits and the politicians. There is no difference between K Street and Wall Street anymore.