The Bear Is Back

In Monday's (October 13) post, I speculated that this market would turn up and suck in the weak at heart - those that dumped their shares at them bottom. And what a counter move it was indeed. The Dow had a spectacular ascend into Tuesday morning. By mid morning the Dow had hit a brick wall and reversed promptly.

Throughout the day today the descent steepened - down over 700 points. Oh market, oh mighty god of Western civilization, what will you do next. We have sacrificed our spirit on your altar, expecting material wealth in return. Yet, shamelessly you betrayed us. Now, we face financial as well as moral bankruptcy.

OK - enough sarcasm for now. Our own Stephen Harper, old and new Prime Minister of Canada, hinted that this could be an excellent buying opportunity. It will be most exiting to watch what the market will do next. It may rise to new 'recovery highs,' plunge to new depth or do something entirely unexpected. One thing seems certain, the Panic of 2008 will be immortalized in history.