November 17 Edition

Good Morning All,

The opportunity to make a facile comment on these three days of market activity is too overwhelming to miss. To paraphrase a famous movie, Thursday's bullish reversal was the great, Friday's failure to follow through was the bad and today's premarket futures are looking ugly. Day one looked so technically perfect that even Art Cashin smelled a bottom, and then we had stink out Friday, a day that may not live in infamy but will certainly rank high in the annals of the most disappointing in this present cycle. Today is Monday and if we stick to our credo of largely ignoring action at the beginning and end of the week then so be it, after all turnaround Tuesday looms.

Although the G20 meetings, as expected, produced very little in the way of short term solutions they did something very important by setting a tone of cooperation in the post debacle world that now lies before us. Look for more on this theme after the inauguration on January 20th as the world decides to work together to repair itself. Don't however be so naive as to expect nirvana as this three, five or ten year spirit of unanimity will once again be overtaken by the next bubble. It has often been thus as what goes around comes around, sometimes in spades.

So let's all relax and watch this play out as we remember that nothing is forever....good or bad.