Slip-sliding away?
January did not get off to a good start for the stock market. So much for the idea that the first five days would turn up and lead the way for a better 2009.
Of course, that doesn't mean this year will be another bad one. But it does remind us we can't just count on a kind of automatic bounce back in 2009 - something a lot of commentators touted.
But worse, we're slipping now. It feels the way it does when you try to walk on ice: unsure, unsteady, even a little fearful that you'll fall and break something.
We're not usually focused on the daily action, but right now you just can't ignore it. Not just because we're in the midst of the greatest financial crisis of our lives; not just because of all the chatter in the media. The reason we're focused on the daily action is that the next few days or weeks may have something important to say - something about our future.
We base our view on the idea that the stock market looks to the future. It "discounts" the future. It seemed for a few weeks like it had discounted all the bad news out there and was pointing to a better than expected economy in the next 6 - 12 months. At least it seemed that way. Now, we're not so sure.
Of course, that doesn't mean this year will be another bad one. But it does remind us we can't just count on a kind of automatic bounce back in 2009 - something a lot of commentators touted.
But worse, we're slipping now. It feels the way it does when you try to walk on ice: unsure, unsteady, even a little fearful that you'll fall and break something.
We're not usually focused on the daily action, but right now you just can't ignore it. Not just because we're in the midst of the greatest financial crisis of our lives; not just because of all the chatter in the media. The reason we're focused on the daily action is that the next few days or weeks may have something important to say - something about our future.
We base our view on the idea that the stock market looks to the future. It "discounts" the future. It seemed for a few weeks like it had discounted all the bad news out there and was pointing to a better than expected economy in the next 6 - 12 months. At least it seemed that way. Now, we're not so sure.
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