is sounding off dire warnings while the Dow goes on an irrational 500-point run up simply because Oil drops a pittance and some banks losses are less than expected and Freddie and Fannie didn't collapse yet (oh, and they changed to rule on short-sells causing an artificial re-valuation of stocks).
Frankly, we need to see capitulation in the Dow, badly. As long as these 'hope' and 'not as bad as it could be' sort of rallies and trading continues, so too will the slow bleed. We need to see low volume and flat prices for several weeks. These things end in Yawns, and keep on going based on hope and irrational beliefs that 'we must have seen the bottom, surely, by now'.
Lets see the dow in the 10,000 range and financials flat and going nowhere for a week or two. Then its done.
Yeti