Story Comments

Oil is the key to the stockmarket. There are 2 possible scenarios. With the drop in oil (and commodities) you may have a move up due to decrease in the input costs of a number of companies. However the fall in oil prices (and I posit it will continue) may be signifying a significant demand destruction and worldwide economic slowdown. If that's the case you may have a short market rally and then a move down again. Unfortunately, you don't deleverage a 25 year ponzi leverage scheme in 2 years. We've been in a bear market since 1999 and will probably be in it for a minimum of another 8-10 years. Don has it wrong.

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Not all financials are the same. Apart from US Banks & Brokers (and some foreign like UBS etc.) most international banks and large P&C/life insurances co's will recover at least half of the losses in 3 years. That is 75% appreciation from this point.

Stocks may not be in bad shape by historical (or your) standards but what is happening is something we've never experienced before or at least not since the 30's. So what looks like a good value/undervalued by historical standards has a long way to go before becoming even a much better value...this is a new paradigm and what's 'not bad' will get much worse before it's all over. Yeah, buy now and watch your investment drop by another 20-50+% in the coming months...great strategy...you go first, all in on equities.

At some point you'll probably be right again, Don, but not until people lose a lot more money following your advice...20%?...try 50+% before this debacle is over. You keep discounting everything that's negative and your prior mistakes...unbelievable. The housing market is still in a freefall, financials/the banking system are on the verge of collapse, the Fed doesn't have a clue or an option if they had one, consumer confidence is in the toilet, unemployment is up and about to get a lot worse, and inflation is ready to explode and all you can say is, 'a 20% drop in the S&P 500 makes it officially a bull market, SO WHAT?' That's outrageous; you're in denial and clueless, as well.