Welcome to the hot seat, Mr. Obama! As today’s drubbing on Wall Street attests, the markets don’t plan to give our new president much of a honeymoon.

Now do we get our bounce? Looks like it. Stocks plunged in the early going today on word that Bank of America may be seeking another $15-$20 billion from the federal government to help digest the bank’s Merrill Lynch acquisition.

It looks as if our script is playing out — so far, anyway. The stock market rally that began at the November 20 lows extended itself a few days into the New Year. Then pfffft!

Another fine buying opportunity for stocks is coming up — it just isn’t here quite yet. So what do we do in the meantime?

After Friday’s rollicking New Year celebration, Wall Street stashed its party hats in the closet today, with the Dow sinking 82 points. Overall, though, I’m encouraged by the stock market’s action so far in 2009. While it’s still too early for a big, sustainable move on the upside, the market’s bearish character is slowly changing.

Stocks mounted a nice rally today on word that the U.S. Treasury has pumped $5 billion into GMAC, the troubled auto maker’s finance affiliate. But the advance had less oomph behind it than you might guess from the excited media headlines. I’m still a net seller of stocks.

Stocks mounted a nice rally today on word that the U.S. Treasury has pumped $5 billion into GMAC, the troubled auto maker’s finance affiliate. But the advance had less oomph behind it than you might guess from the excited media headlines. I’m still a net seller of stocks.

Call me the Grinch, Scrooge, whatever ugly name you want. I’m as eager for Christmas to come as you are — to sit down to a sumptuous feast with my loved ones and forget the stock market for a day. But first, I’ve got to issue a warning.

I wish I could spread a little more Christmas cheer. But you’ve hired me to be an analyst, not an entertainer — and I don’t like what I’ve seen the past few days in the stock market.

Bernanke has rescued us! Zero percent financing for the nation’s banks will do the trick! That’s how Wall Street seems to be interpreting today’s decision by the Federal Reserve to slash overnight interest rates to a range of zero to 0.25%.