"Stocks advanced as credit conditions showed signs of stabilizing and Bernanke signaled that he supports a second round of fiscal stimulus."*
Not a bad day, but how long will the good times roll? Last week was so shocking in the market that it has everyone spooked that it could happen again. Volume was low across all indexes in the U.S. today.
CNBC (TV) is reporting that a short term low has definitely been achieved, but there's the rub, how long is "short term"? No one can say. There aren't any guarantees in the stock market.
Warren Buffett has just written a very influential article in The New York Times entitled,
"Buy America. I Am" http://www.nytimes.com/2008/10/17/opinion/17buffett.html?em
October 16, 2008 saying basically that now is the time to buy.
Okay, we get it. We like the encouragement. More power to Warren Buffett. But, this is a very severe recession, unlike anything he has invested in before now. Besides, he has lots of money to play with.
We'll see. We remember that hope does not have any monetary value. We just have to wait and see that indexes go up...or down.
Let's be optimistic and hopeful, anyway, even if there isn't any monetary value in it. Maybe we will be lucky...