Monday, July 7, 2008

Econ Calendar: Oh, Baby, Baby, It's a Wild World

GE releases earnings this Friday, and the day before, the unemployment numbers come out. So today, July 7, 2008, will either be the definitive bottom of the bear market, or we're in for a slow, somber decline if this week's numbers don't look good. Value investors might be salivating now, but as for me, well, I think Cat Stevens'/Yusuf Islam's lyrics are particularly apropos:

Now that I've lost everything to you
You say you wanna start something new...

Mr. Market has taken investors' money but now appears to be starting a new upward trend. And yes, I am being melodramatic--I called the recent market decline and got most of my money out, and if I hadn't jumped back in so soon with Pfizer (PFE), I'd be all smiles. As it stands, I still like PFE, GE, and CNB, because I can hold these stocks for the next five years or more. For long-term investors, perhaps today's V-shaped day can be the start of something new. Of course, "remember there's a lot of bad, and beware," and "a lot of nice things turn bad out there." To see Mr. Stevens in all his glory, check out the video after the jump:

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