CHESSNOID

Dow	8,304.48	-214.73	-2.52%

This is the way the markets have traded for the day so far. The last hour has more emphasis than before. It can make or break a day. I am not sure if it is institutional investors balancing their holdings, or just sell programs, or what. I think we have had more sell offs than buy ins at the last hour. I must admit all the stocks look cheap and great values to buy for the long term. What is holding me back is the state of our economy which will probably drive stock prices lower and make them greater buys in the future.

The risk is that this may be the bottom and if you don’t buy now, then you will miss out on big gains. This is what the real estate agents are saying when I go check out houses for sale. If you don’t buy now, then you will miss out. The funny thing is they were saying that 2-3 years ago and you had to believe them because houses had already doubled in the previous 2-3 years. Now that prices have fallen by 40-50%, they don’t seem as credible. Nor do they sound confident in their sales pitch.

I believe the stock markets have become so fragile in the last few weeks since the Fraud Bailout Bill was passed, that any rallies will be unsustainable for any confidence building. People are tired of losing money so they just want out.