I feel compelled to write about the bear trap rally that developed today:
Some talking heads are calling a bottom, some are calling the start of the 2008 second half recovery, but nobody is talking about the dangerous meltdown zone we are entering.
With some financials going up more than 17% (check out WM for today 7/08/08) we are risking a severe crash... Unless the blabbering media is right and the crazy technicians that say we are extremely oversold (some quoting worden t2108) call for a buying opportunity....
il
Think about it, Bernanke spoke at 8:30, but it took the PPT until 2 PM to stage a rally!

So it looks like Ben is still moving markets