Joshua Rosner agrees with Barry Ritholtz about capitulation. Mr. Rosner says a market recovery will come only after "capitulation" by the rating agencies and corporate executives, whom he believes are still playing "accounting games" and not fully disclosing the severity of their losses. See full article:
http://finance.yahoo.com/tech-ticker/article/45271/Economic-Slowdown-Just-Getting-Started-Says-Credit-Crisis-%27Prophet%27?tickers=WMT,TGT,MER,MCO,MHP,XLY,XLF
This "capitulation" talk smacks of Wall Street wanting to get cheap prices before committing itself to the market. I understand financial stocks should capitulate even more--but it sounds like all the experts demand a marketwide capitulation before deeming a market bottom. Because Wall Street firms control major assets and have probably gotten out the market or are currently selling it short, the average "buy and hold" investor will be screwed. All because of one sector that has little to do with the hefty balance sheets of technology companies. I don't like this one bit.
"And if an epitaph be my story, I'd have a short one ready for my own: I had a lover's quarrel with the world." -- Robert Frost
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