Contrary Indicator

My most loyal reader, Bones, emailed me this morning before the market opened, with the subject line, “I expected it sooner.” The email read: Had the first (of presumably many) Hank Paulson dream last night. I think we’re going to make it! Bones’ hope is that if it’s at the point where he’s dreaming of Sweet Hank Paulson’s shiny bald head, we must be near a bottom in the market.
I personally think you should hold on to your Dow 10,000 hat, and get out the Dow 9,000 hat. We’ll see Dow 9k before year end (maybe before the end of this week – or the end of today!)
I look for a coordinated (US, EU) central bank emergency rate cut this week, but I’m not sure what it will do, other than provide a brief 3% rally.
While running this morning, I was listening to the dulcet tones of the Smashing Pumpkins, and their lyrics kept resonating in my head with regard to the economic situation:
first, from Bullet with Butterfly Wings:

And what do I get, for my pain? Betrayed desires, and a piece of the gameDespite all my rage I am still just a rat in a cage. Someone will say what is lost can never be saved.”

and then, from Cherub Rock, the uber-simple:

Who wants honey, as long as there’s some money?”

Indeed. Turn on the printing press!
KD

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