yes you are quite correct. you only have to look at equity,fex and bond analyst reports - they change almost everyday. there is a punter in the US who said "I can read research that is bullish and I will simply do the opposite - i.e. short the stock" - you may as well rip up research,burn charts etc - they are utterly useless in this environment.
A friend of mine was in China last week and was asked by his Chinese hosts what was going to happen next - he said that a lot of people were hoping that China might, via large stimulus plans, be able to smooth things through 2009. One of the hosts, after laughing for a while, replied in average English - "we are just as f---ed as you are" !!!
So probably don't expect any stock market rally for a while - the bounce on the Obama win was probably the last to sell into for a long time. Fact is the world in total is in one hell of a mess - (1) globalisation has failed, (2)Eurozone has failed, (3) free trade has failed and capitalism has also failed. The fact is we have moved far too quickly to establish 1,2 & 3 and the end result is we have eaten up more capital than you can imagine. Should let banks and companies fail - there are too many of them anyway but there are some well managed ones out there - they should be the one's to remain !!
cheers
MMX Price at posting:
59.0¢ Sentiment: LT Buy Disclosure: Not Held
