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The mercury is climbing, blossoms are bursting out — so does Wall Street finally get to celebrate a springtime of its own? For eight long months now, a ferocious credit crunch, unprecedented since the Great Depression, has trapped investors in a deep freeze. Not only stocks and real estate, but even some of the (reputedly) safest bonds and money market instruments fell victim to the Arctic blast.
Happily, I’m detecting hints, here and there, of a thaw. It’s taking a lot longer than I had hoped, but we will see the end of this new Ice Age. As a balmier climate sets in, we can look forward to healthy markets again — and a return to the steady, consistent profits we enjoyed from 2003 to around mid-2007.
Call it a draw! Normally, we wouldn’t have much of anything good to say about a day when the Dow dropped 128 points. But after this morning’s early smash, which knocked 465 points off the venerable index, today’s close doesn’t look so bad. In fact, this could be the beginning of a recovery with some legs to it.
Big test, coming right up! We have to admit, we aren’t thrilled with the way the old year is winding down on Wall Street. After November’s counter-seasonal drubbing, we were hoping for a better December than we’ve had. It may be that an exceptional amount of tax selling has put a drag on the stock market right down to the finish line in 2007.
One of the unsung benefits of traveling the high seas (as I’m doing right now) is that I get to watch more financial news on TV than I do at home. There’s nothing like TV to tell you what the crowd is “thinking” (I use the term loosely) at any given time — loud, brash, up close and personal.
Now it’s the bears’ turn to sweat! Stock prices roared back this week as investors cheered signs of stabilization in the nation’s mortgage markets. We’re not out of the woods quite yet, but it’s looking more and more likely that the blue chip indexes will touch new highs during the fourth quarter — maybe even before.
Dodging the bullet! As Churchill said, “There’s nothing quite so exhilarating as being shot at and missed.” Well, the bears did their best to gun down the stock market this week, but they failed. Big time.